Housing Virginia

Housing Virginia Newsletter
June 2013
HV Federal Housing Policy Symposium Attracts Large Audience 

HUD Deputy Secretary Maurice Jones brought symposium attendees a message mixing hope and reality. He clarified the current federal budget picture, the impacts of sequestration and the prospects for HUD's 2014 funding levels. 




Senator Mark Warner,  HUD Deputy Secretary Maurice Jones and other key federal and state leaders kicked off discussions at What's Ahead for Housing: A Symposium on Federal Housing Policy Change by focusing on how changes in Washington will affect housing in Virginia.

Video, still photos and PowerPoint links to the event include:    
* Like us on Facebook to see images for the event

Attended by almost 200 affordable housing providers, lenders, and real estate industry professionals, along with local government leaders, the statewide policy forum was sponsored by Housing Virginia and the Weldon Cooper Center at the University of Virginia. The event was locally hosted by Charlottesville's Coalition for Housing Opportunity and held at the Boar's Head Inn.

Homeownership: Finance, Foreclosure and Beyond Examined the Future of Virginia's Home Purchase Market 
Attendees heard from housing finance experts Julia Gordon, Director of Housing Finance and Policy at the Center for American Progress, Richard Owen, Executive Director of the Virginia Mortgage Lenders Association, and Barry Merchant, Senior Policy Analyst for VHDA.

The reality of the housing market recovery in Virginia varies greatly by region and by the income of potential homebuyers. The Symposium breakout session Homeownership:  Finance, Foreclosure and Beyond examined both positive and concerning trends in this important area.   

Barry Merchant reported that Virginia continues to see market recovery, with strong home sales in April and May. However, current prices are being driven by unusual factors, including low mortgage rates and constrained inventories with traditional housing and lending fundamentals, including income, employment and household debt continuing to be weak.  

Capital One Executives Jim Taylor and Ed Delany share a moment with participants  in the symposium activities.  Housing Virginia gratefully acknowledged Capital One's role as Lead Sponsor of the event.
Federal Housing Policy and the Impact on Neighborhood Renewal: A Response from Localities 

Kelly Braxton-Harris, Executive Director of Virginia First Cities, brings into focus the drastic cuts of federal funding for communities.


Led by Andy Friedman, Director of Virginia Beach's Department of Housing and Neighborhood Services, three insightful local government experts examined the impact of federal housing policy on local governments in the Commonwealth. Andy Friedman began the session illustrating three policy areas where local governments can impact housing development: favorable land use policy, creating strategic partnerships with the private for-profit and non-profit sectors and investing their own money to facilitate housing development.

Bob Adams (standing) with Housing Virginia facilitates a panel discussion on the affect of the federal housing policy shifts on the state landscape with Joseph Ventrone, National Association of REALTORS, Ethan Handelman, National Housing Conference, Bill Shelton, Director, DHCD, and Susan Dewey, Executive Director, VHDA.


Affordable Housing Programs: Increasing Needs / Dwindling Resources
Representing key organizations that keep a steady watch on the state of affordable housing programs,  Robin Gahan from the Virginia Coalition to End Homelessness, Barbara Burnham from the  Local Initiative Support Corporation, and John Bohm from the National Association of Housing and Redevelopment Organizations present  their perspectives along side moderator Orlando Artze from Community Housing Partners.

The break out session that understandably attracted the largest audience was the one that looked at what was happening with funding for a wide range of federally sponsored affordable housing programs.

John Bohm, Policy Director for NAHRO, painted a rather bleak picture of increasing housing needs among the poorest households in Virginia and declining resources to local housing authorities to meet those needs.  In particular, the housing voucher program continues to be reduced - most recently by the sequester which has resulted in 8-10% cuts in local voucher programs.

The State of the Nation's Housing 2013 Released

Driven by rising home prices and growing demand, the U.S. housing recovery is well underway, according to Harvard's Joint Center for Housing Studies latestState of the Nation's Housing report released on June 26. While still at historically low levels, housing construction has finally turned the corner, giving the economy a much-needed boost. But even as the recovery gains momentum, millions of homeowners are still delinquent on their mortgages or owe more than their homes are worth, and severe housing cost burdens have set a new record.

In This Issue

VHC Housing Tax Credit Conference

Sept 4th - 5th

The Westin Richmond

The Virginia Housing Coalition will present a Housing Tax Credit Conference on September 4 - 5 in Richmond. This will be the first such conference here in Virginia. It will give tax credit professionals the opportunity to network with one another while learning new information about the LIHTC program that can help them to build stronger proposals and projects. 

Click here to register.  




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