Henrico affordable housing project awarded $500,000 grant

A proposed 19-unit affordable housing development in Henrico County has been awarded a $500,000 grant through the Federal Home Loan Bank of Atlanta’s 2026 Affordable Housing Program General Fund.

The project, identified as Achieving Heights, is one of seven Virginia developments receiving more than $6.5 million in the current award round. The Virginia projects will support new construction or rehabilitation of a total of 595 affordable rental units, according to the bank.

Across its district, FHLBank Atlanta is awarding more than $50.4 million to 50 developments in 13 states and the District of Columbia. The grants are expected to support the construction or rehabilitation of 3,653 affordable homes. The bank said 60% of the General Fund awards will support new construction and that this year’s awards will help finance 800 more units than the 2025 round.

FHLBank Atlanta said it plans to contribute $120 million to affordable housing and community development programs during 2026, including rental and homeownership construction, rehabilitation, down payment and closing cost assistance, disaster relief, and programs intended to preserve homeownership. Since the Affordable Housing Program began in 1990, the bank says it has awarded more than $1.4 billion to support more than 194,000 affordable housing units for low- and moderate-income households.