June 4, 2024

Norfolk has an affordable housing crisis. Advocates say a new city funding program could help

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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About The Breeden Company

Nationally recognized, with over 60 years of expertise in every facet of the industry, The Breeden Company is a vertically integrated real estate development organization that boasts market-leading divisions including commercial real estate, multifamily property management and construction. With a portfolio of over 20,000 apartments and 2 million square feet of retail and office space that have been owned, managed and developed, The Breeden Company is one of the premier real estate development firms in the nation. Breeden Realty is one of the top commercial real estate firms in Virginia (Virginia Business, 2021); Breeden Property Management is one of the top multifamily property management firms in the country (Multi-Housing News, 2021); Breeden Construction, the much-acclaimed multifamily general contractor for numerous third-party clients, is one of the top multifamily builders in the country (Multi-Housing News, 2020).
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