The City of Norfolk's demand for affordable housing units vastly outpaces supply. The city is short around 6,800 rental units for households making less than $35,000 a year — around 3 out of 10 households — including 4,600 for those making less than $20,000 a year, according to a 2024 city-commissioned housing study. The city plans to create a funding program later this year that housing advocates and developers say will help close this gap. Called a housing trust fund, city leaders say the program will act as a flexible funding source to help pay for developments, invest in housing initiatives and other uses, said city spokesperson Kelly Straub.
Jake Marshall, vice president of acquisitions and development for The Breeden Co., mentions that long-term real estate tax abatement and grant programs also help spur development. He also voiced support for low- or no-interest loans.
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