Housing Virginia Newsletter

March/April 2014

Virginia Housing Trust Fund Still Hangs in the Budget Balance

The Virginia Housing Trust fund was created in the 2012 session of the General assembly and then funded in the 2013-14 budget year. DHCD put the first $8 million of the HTF on the street last summer. When Governor McDonnell submitted his outgoing budget in January, he included $4 million per year for the HTF. While the Senate passed a budget that included that $4 million per year, the House removed all of those funds.

Richmond to Launch City Housing Trust Fund

The City of Richmond is about to launch Virginia's newest Housing Trust Fund. The HTF was created four years ago but was never capitalized. Over the last 18 months, a City Council appointed HTF Advisory Board has been working to refine the guidelines for the HTF and consider dedicated revenue sources.

Senate GSE Bill Would Wind Down Fannie and Freddie and Provide Big Boost to the National HTF

The US Senate moved a step closer to the passage of comprehensive GSE reform with the introduction of Johnson-Crapo, a bill that was built on the work done by Senators Mark Warner (VA) and Bob Corker (TN) in their bill introduced last year. Senate Banking Committee leaders said Friday they would hold a panel vote on April 29 on the legislation.

Housing StoryWorks Filming in Reston and Richmond This April

Housing Virginia's video project, Housing StoryWorks, will be filming 3-5 minute stories in Reston on Wednesday, April 16th and in Richmond on Tuesday, April 22nd.

StoryWorks asks people to respond to a simple question: "How has affordable housing changed a life, a family, or a community?" So far, we have gathered 25 interviews from housing providers, public officials, social and community advocates, clients, residents, and so much more.

If you have a story to share with us, you can schedule a filming appointment here. You can also read more about the project at the Housing Virginia website. We look forward to hearing your story!

VHDA's LIHTC Program Reservation Applications for 2014 Released

VHDA has released the 2014 application reservations for the Low Income Housing Tax Credit Program. A total of 47 application reservations make up this year's pool so far, which is one less than in 2013. In all, 3,328 tax credit units have been proposed for 2014, 642 fewer than last year's applications.

Richmond's Affordable Housing Awareness Week Marks its 7th Year

The Partnership for Housing Affordability is hosting the seventh annual Affordable Housing Awareness Week from April 25-May 2nd. This year, sixteen Richmond area non-profit organizations will join forces to host a week-long series of events designed to increase awareness about affordable housing issues in the Richmond region and to help our neighbors in need.

Throughout the week, Richmond area volunteers will be rolling up their sleeves at dozens of project sites, helping to build and repair homes as they participate in "A Day's Work for Workforce Housing."

Update: Housing Virginia Housing and Education Policy Symposium

Don't forget to mark your calendars for Housing Virginia's Housing and Education Policy Symposium on Wednesday, June 18th at the VCU Student Commons Building.

The symposium will focus on connecting the dots between where kids live and where they learn by discussing how approaches to education and housing policy are linked, how school performance and housing quality connect, and how these two issues will define the future of Virginia's communities.

Housing Virginia will be launching the full report on Hampton Roads Workforce Housing on Wednesday, May 7th from 8:30-11 AM in Hampton Roads. The report, titled "Housing the Workforce in the Hampton Roads Region", was put together by Dr. Lisa Sturtevant, Executive Director of the Center for Housing Policy and Vice President for Research of the National Housing Conference.

RD Approves First Farm Worker Housing in Virginia in Over 20 Years

Last month, Rural Development within USDA approved the first Farm Worker Housing in Virginia in over 20 years. The 24-unit new construction

project will be built near Parkesly in Accomack County on Virginia's

Eastern Shore. The project is sponsored by the Eastern Shore of Virginia Housing Alliance.

Research Spotlight: Where Have All the Loans Gone?

This month, the Urban Institute released a report exploring the precipitous drop in mortgage origination levels in the US since the housing crash. Mortgages originated nationally in 2012 are less than half of what they were in the pre-crash peak and 44% below their 2001 level. While mortgages are significantly down from the last decade, home sales activities are only down 20% from 2001, which reflects the entry of all-cash purchases and investors entering the market. The authors of the report estimate that there are as many as 1.2 million loans being lost annually due to low credit availability.

Sourcebook Data Point of the Month

: Homeowner-ship Affordability at 60% AMI

For households at 60% of the median income, homeownership affordability is at its worst point since 2010. While sold housing and overall housing became more affordable in 2011 and 2012, the percentage of income required to afford home purchase has risen back to 45.9%. Rental housing has become steadily less affordable in the past four years, rising from 33.5% income required in 2010 to 34.8% income in 2013.

Find more affordability data in SOURCEBOOK.

In This Issue

VA HTF Still Hangs in the Budget Balance

Richmond to Launch City HTF

Senate GSE Bill Would Wind Down Fannie and Freddie and Provide Big Boost to the National HTF

Housing StoryWorks Filming in Reston and Richmond This April

VHDA's LIHTC Program Reservation Applications for 2014 Released

Richmond's Affordable Housing Awareness Week Marks its 7th Year

Update: HV's Housing and Education Policy Symposium

Save the Date: Hampton Roads Workforce Housing Study Launch

Farm Worker Housing

Research Spotlight: Where Have All the Loans Gone?

Sourcebook Data Point of the Month: Housing Affordability at 60% AMI

Calendar

FACETS Opening Doors Benefit Breakfast
April 24, 2014 in Fairfax, VA
Join FACETS on Thursday, April 24, 2014 from 7 - 9AM at the Waterford at Fair Oaks, 12025 Lee Jackson Memorial Highway, Fairfax, VA 22033 for their Opening Doors Benefit Breakfast. Guests will enjoy a complimentary hot breakfast and hear of their impact directly from clients who will share their personal circumstance which led them to seek support. Please visit their website for additional information and to RSVP.
Click here to RSVP

Richmond Affordable Housing Awareness Week
April 25th - May 2nd in Richmond, VA

The Partnership for Housing Affordability is hosting the seventh annual Affordable Housing Awareness Week from April 25-May 2^nd. This year, sixteen Richmond area non-profit organizations will join forces to host a week-long series of events designed to increase awareness about affordable housing issues in the Richmond region and to help our neighbors in need.

Click here for more info

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

Save the Date! 2014 Virginia Governor's Housing Conference
October 29th-31st, 2014 in Norfolk, VA

Join us for a multitude of educational concurrent sessions and a variety of thought-provoking plenary sessions led by experts in housing, finance and community development.

Click here for more info

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Richmond, VA 23220