Housing Virginia Newsletter

February 2014

Virginia Housing Trust Fund Faces Divided Support in the GA: Senate $4 Million per Year, House $0

As the 2014 Virginia General Assembly moves into its final stretch, the Senate and the House have passed their budgets with each body treating the Virginia Housing Trust Fund differently.

As it stands, the Senate has allocated $4 million a year in the budget for the Housing Trust Fund, Senator Colgan's (D-29th) amendment to add an additional $4 million a year to the Fund was not adopted by the Finance Committee. The House, however, rejected Delegate Lopez's (D-49th) amendment to add $1 million a year and removing the funding Governor McDonnell had included in his budget.

NPR Reports on New Nonprofit REIT Active in Virginia

In a recent article, NPR reported on the Real Estate Investment Trust (REIT) formed by Community Preservation and Development Corp and the Housing Partnership Network. Thanks to the REIT, CPDC and the Housing Partnership Equity Trust have already acquired Woodmere Trace, a 300-unit garden apartment complex in Norfolk; renovations have begun on the 40-year-old apartments to improve the quality of housing while maintaining affordability for the residents.

CPDC Chairman of the Board Conrad Egan expressed excitement for the project. "The Community Preservation Development Corporation is honored and pleased to be one of the twelve members of the Housing Partnership Equity Trust. We are also excited to use the Equity Trust REIT to successfully and quickly acquire Woodmere Trace in Norfolk, Virginia for the benefit of the residents and the broader Norfolk community. The REIT has given us a new way to compete and we are glad to be in the game."

On Wednesday, June 18^th, 2014 Housing Virginia will co-sponsor a symposium with the VCU Center for Urban and Regional Development. The forum, titled "Connecting the Living Room and Classroom: A Symposium on Housing and Education", will be held at the VCU Student Commons Building. It will explore new territory by examining the links between housing and education. The event will include panel and break-out sessions with experts from both fields. Join us in discussing how these two sectors are intertwined and why housing policy and education policy must be coordinated.

In addition, the Virginia Housing Coalition will also be hosting its annual Awards Luncheon on Thursday, June 19^th in Richmond, VA. Anyone traveling from out-of-town is encouraged to attend both events!

Housing Virginia Launches Groundbreaking LIHTC Energy Study

Housing Virginia, in partnership with the Virginia Tech Center for Housing Research, EarthCraft Virginia, and VHDA, will be collecting and analyzing energy consumption data from a series of LIHTC projects around the state that incorporated EarthCraft construction methods and materials. It will be the largest study of this type undertaken anywhere in the U.S.

The study will survey residents of nearly 800 renovated units and 400 newly constructed units in Chesapeake, Richmond, Orange, Wytheville, Lynchburg, Virginia Beach, Hampton, Arlington, Abingdon, King George, Petersburg, Christiansburg, and Scottsville.

Economic Impact Calculator Makes Impression at the Capitol

Earlier this month, the Virginia Housing Coalition traveled to Capitol Hill in Washington to advocate for support of the Low Income Housing Tax Credit program among other issues. Coalition members were able to successfully speak with staffers of each Virginia congressmen and both senators about the program. Data sheets using Housing Virginia's new economic calculator that showed job creation, fiscal impact, and economic impact were very well received by staffers.

Research Spotlight: The Implications of Single-Family Rental Bonds for Tenants and Housing Markets

In February 2014, the Center for American Progress released a report exploring the effects of private firms and cash investors entering the single family market in the wake of the housing crash. Over the past few years, institutional investors have quietly bought approximately 200,000 single-family homes at bargain prices and converted them into rental homes.

NAHB Releases Housing Opportunity Index for 2013 Q4

On February 20th, 2014, the National Association of Home Builders and Wells Fargo released their quarterlyHousing Opportunity Index. In all, 64.7 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $64,400. This is virtually the same as the 64.5 percent of homes sold that were affordable to median-income earners in the third quarter.

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In This Issue

Virginia HTF Faces Divided Support in the GA

NPR Reports on New Nonprofit REIT Active in VA

Save the Date: HV's Housing & Education Policy Symposium

HV Launches Groundbreaking LIHTC Energy Study

Research Spotlight: The Implications of Single-Family Rental Bonds for Tenants and Housing Market

NAHB Releases HOI for 2013 Q4

Calendar

2014 NCRC Annual Conference
March 12-15, 2014 in Washington, DC
The conference is our premier training and networking event of the year, and an opportunity to bring together the brightest stars in government, academia and the financial services industry with real grassroots and community organizations, in order to craft and promote solutions that bring low- and moderate- income people into the financial mainstream.
Click here to register

Marcus & Millichap/IPA Multifamily Forum
March 20, 2014 in Washington, DC
The day-long conference will focus on investment, development and management throughout the greater D.C. area, not only on the District but also on the surrounding submarkets in Virginia and Maryland. Hear from keynote speaker Doug Bibby of National Multifamily Housing Council and other top executives from Abdo Development, LCOR Residential, AOBA, Mack-Cali and more!
Click here to register

Northern Virginia Housing Expo 2014
March 29, 2014 in Fairfax County
Free and open to the public, this annual event is hosted by the AHOME Foundation in conjunction with the Cities of Alexandria and Falls Church, Arlington, Fairfax, Prince William and Loudoun Counties, the Town of Herndon and VHDA. It is designed to inform and equip renters and new homeowners looking for Northern Virginia housing options. It will be hosted this year by Fairfax County at Springfield's Lee High School from 10AM - 3PM. Please visit their website for additional information.

NAHB Construction Forecast Webinar
April 23rd, 2-4pm

There's so much going on in the news that's affecting the housing industry that it's getting hard to keep track. Dr. David Crowe makes sense of it all with the most accurate housing market analysis during the NAHB Spring Construction Forecast Webinar.

Click here to register

SERCAP 2014 Water is Life! Conference & Luncheon
April 23rd, 8am-1:30pm in Roanoke, VA

Please join SERCAP for a variety of educational workshops and a celebration of the past year's accomplishments in

water and wastewater programs and services!
Click here to register

2014 VAHCDO Annual Conference & Scholarship Luncheon
April 29th - May 1st in Virginia Beach, VA
Introducing a new extended format, approximately 150-200 attendees, including state and national HUD staff as well as housing authority and housing industry personnel from across Virginia, will be attending group presentations and focused training workshops.
Click here to register

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