Housing Virginia E-News
March,  2012
New SOURCEBOOK Feature Spotlights Rental Housing Needs


A new feature on Housing Virginia's website estimates the need for affordable rental housing for lower-income households in every jurisdiction.  For the entire State, the need has reached  over 326,000 units.   The Center for Housing Research at Virginia Tech has estimated the number of "cost burdened" low income renter households and this data is now available on SOURCEBOOK - look for the Assisted Rental Housing Needs under SOURCEBOOK. "Cost burdened" households is the national standard of NEED for affordable housing - it measures households who are paying more than 30% of their income for housing.  "Low Income" includes renters with incomes less than 60% of median.


Beckstoffer's Sets the Bar on Quality Rental Housing

mewsBetter Housing Coalition in Richmond acquired the vacant Beckstoffer's lumber mill from Richard Henry Beckstoffer, grandson of the company's founder, in 2008.   Located on the 1200 block of N. 28th Street in Church Hill, the mill has been transformed by BHC into 22 eco-friendly mixed-income apartments and lofts while the structure's historic features have been retained.  The historic features, including exposed brick and wood beams, make each home unique.  No unit's layout is exactly like another.

signThe revitalization of the mill building is the first of three phases in BHC's Beckstoffer's Initiative.  BHC will construct 39 affordable apartments for low-income seniors 55 and older as phase two of the Beckstoffer's Initiative, across the street from and adjacent to the mill building.  Seven of these apartments will be near net-zero energy.  A third phase will include 15-22 loft apartments.  This revitalization initiative will be a catalyst for further investment in Church Hill. 


Is Homeownership Becoming More Affordable Than Renting?



In 2011, thirty-eight of Virginia's localities saw median monthly rental costs rise higher than the median cost of owning a home. This is a dramatic change from historic patterns, where typically monthly rental costs were well below the monthly costs of owning a home. For the first time in recent history, the monthly costs of owning a home are now more affordable than renting for the average family in a many Virginia localities. This can be attributed to the significant decline in home prices and interest rates combined with the continuing increase in rents. This trend is most prevalent in rural areas and older inner cities where sales prices have traditionally been low. Of the 38 localities, 8 are cities, 29 are rural and only one-- Spotsylvania County-is a suburban, high growth locality.


Home ownership has gotten more much affordable for many Virginians with a 27.6% decline in median monthly ownership costs over the last five years.

Virginia Housing Coalition presents
The Top 40 Under 40 in Housing


40 yearsThe Virginia Housing Coalition (VHC) is pleased to announce a unique celebratory partnership for 2012 as the Virginia Housing Development Authority commemorates its 40th anniversary.




The Top 40 Under 40 in Housing (Click on the link and choose file, download to fill out the form) awards will recognize Virginia's top professionals under forty who have demonstrated both distinction in their professional accomplishments and dedication to their community.
The Top 40 Under 40 In Housing award winners will be recognized during the 2012 Virginia Housing Coalition dinner on June 21, 2012.  Nominations are due April 4. For more information, contact vahousingcoalition@gmail.com

In This Issue
Beckstoffer's Sets the Bar on Quality Rental Housing
Is Homeownership Becoming More Affordable Than Renting?
The Virginia Housing Coalition presents...The Top 40 Under 40 in Housing

Virginia Senate Budget includes $10 Million for Housing Trust Fund 


 Rent in Virginia Among Least Affordable in the Nation According to NLIHC's Out of Reach 2012 Report 


Pieces of Home:  VAR's Comprehensive Picture of the Housing Market


 New Regional Forums Focus: The Effects of Housing on the Local Economy


Housing and Transportation Symposium focuses on the Northern Shenandoah Valley


SOURCEBOOK Updates  Include 3rd Qtr 2011 Data

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Your generous gift helps Housing Virginia to make the case for increasing the supply of affordable housing options across the Commonwealth.

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Housing Virginia
P. O. Box 4658
Richmond, VA   23220

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April 3rd- Fredericksburg Chamber Roundtable - Housing the Regions Workforce 8:00 AM - the Downtown Marriott


April 21st- Affordable Housing Resource Fair- 10am - 2pm Spotsylvania Towne Centre


April 23-28th - The Richmond Partnership for Housing Affordability will host Affordable Housing Awareness Week. 


April 25th - Regional Housing Symposia:  The Effect of Housing on the Local Economy at the Chesapeake Conference Center, 9:00- 11:30 a.m.

April 26th - The Richmond Partnership for Housing Affordability, Revitalization workshop at the Lewis Ginter Botanical Garden from 8:15-1:00 PM.  


April 26th - Housing Virginia Forum- The Effects of Housing on the Local Economy, 8:30 AM - 11:30 AM at the Fredericksburg Country Club

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