Roanoke, Virginia – The City of Roanoke’s Economic Development Authority (EDA) has secured a $2.5 million award to help transform the former Walker Foundry site in Norwich into a vibrant new affordable housing development. The funding, announced on behalf of developer Greg Kaknes and The Foundry Realty, LLC, represents a major step forward in expanding housing options for working families in the region.
New Homes Aimed at Supporting Middle-Income Workers
The $2.5 million award comes from the Virginia Housing Workforce Housing Investment Program (WHIP), a competitive initiative with $75 million in funding spread across five cycles, focused on supporting housing in areas experiencing business growth or expansion. This particular project will deliver more than 200 new housing units, with a strong focus on providing homeownership opportunities for the “missing middle”—households earning between 80% and 120% of the Area Median Income (AMI)…