top
VHDA Newsletter
Summer 2015   |  News from VHDA
  
A Very Good Summer
Susan Dewey, Executive Director of VHDA

What a summer it has been! The Down Payment Assistance and Mortgage Credit Certificate programs we rolled out in the spring have been a hit with real estate agents, lenders and first-time buyers, and we expect a great fall season as these programs continue to have an impact across Virginia. 

There's news in our Rental Housing division as well, with the launch of some flexible new Workforce Housing loans, which promise to be very popular with developers and municipalities.

We're also excited to announce that as part of our ongoing commitment to housing education, we've just published a free eBook for renters

Please scroll down for our complete summer update!
  

Homeownership News

Down Payment Grant is Extended!
A Little More Time for 3% Down Payment Assistance

The June 30 deadline has been extended to Sept. 30, 2015. 

We've been very pleased with the outstanding response to our pilot 3% Down Payment Assistance grant program; demand has clearly exceeded all expectations!

In response to its success, VHDA is extending the program through Sept. 30, 2015, at which time no additional reservations will be taken and we will begin evaluation of the program for possible allocations in future years.

Our hope is that the 3% Down Payment Assistance program will continue to help first-time homebuyers take advantage of current low interest rates, increasing homeownership opportunities for many more Virginians during this peak homebuying season.

Remember, funds are available on a first-come, first-served basis and must be allocated by Sept. 30, 2015. For details including a list of participating lenders, visit vhda.com/3percent



Understanding MCCs - How They Work







 
While a Mortgage Credit Certificate from VHDA could save a qualified first-time homebuyer thousands of tax dollars, it's important to understand the requirements and limitations of MCCs. Our tools can help: 
  • MCC Video - Our simple, animated video explains clearly how an MCC from VHDA works. Watch Video
  • MCC Educational Tools - Download a flyer, get tips for sharing MCC info on your own social media pages (including some suggested text for a post) and more. Get Tools
  • MCC Web Page - Get details including participating lenders (or how to become one), how to apply for an MCC, and contact info. Learn More
Questions? Email us at MCCInfo@VHDA.com.



 
New Loan Origination System

VHDA's new loan origination system is finally here! Testing is nearly complete and the software is in our production environment. Quality assurance testing and user acceptance testing are currently underway with four lenders who have agreed to pilot our system for final implementation. 

Provided all goes well during testing, the rest of our lenders will soon be receiving a communication with next steps to "Go Live." Training sessions will be held for any lenders who need a refresher. Final implementation for all lenders is scheduled to be complete by Sept. 30, 2015.
Rental Housing News
 
New Workforce Housing Loans
Now Allowing More Units with Unrestricted Incomes

When it comes to financing workforce housing, one size does not fit all. Each locality has its own unique housing needs. Developers and local governments need to choose the financing that works best for their community, and now they have more options for doing just that, thanks to VHDA's expanded Mixed-income and Mixed-use/Mixed-income programs. 

Our Workforce Housing program requires a percentage of units be reserved for residents whose annual income does not exceed limits, and our new options now allow for a broader range of incomes. In fact, it's now possible to obtain a VHDA Workforce Housing loan even when 80% of the financed units have unrestricted income. 

Another advantage is that all of VHDA's Workforce Housing loans can be used to finance a property regardless of whether it includes a commercial or retail component. 

For details about our new Workforce Housing loans, including pie charts illustrating each of our loans, visit vhda.com/WorkforceHousingOr, email VHDA's Director of Rental Housing Development, Dale Wittie
 
REACH Funding: New Guidelines Coming
Rental Housing Partners, Tell Us Your Thoughts

Our Rental Housing Division is in the process of changing the guidelines for how we use REACH funding. We would like feedback from our rental housing stakeholders. If you are involved in rental housing, we invite you to read and comment on the proposed policy. The deadline for submitting your comments is Friday, August 28, 2015
. Tell Us What You Think


 
Community Outreach News
 
VHDA's New eBook for Renters

VHDA is pleased to announce that we've published a new eBook for renters, entitled, "How to be a Successful Renter." 

Our Housing Education staff members developed the publication with input from many industry partners, including HUD, Virginia Fair Housing Office of Richmond, DHCD, Legal Aid Society of Eastern Virginia and other housing partners. We appreciate their valuable feedback. 

The eBook is free to download from our website. Get the eBook

We invite you to share the eBook with anyone you know who is currently renting or thinking about it. (And, if you know someone looking for rental housing in Virginia, be sure to tell them about VirginiaHousingSearch.com, the comprehensive rental housing search site where renters search for free, and landlords list properties for free, anywhere in the state.)
Other News
 
Board Update

VHDA's Board of Commissioners is composed of 11 members, each appointed by the Governor of Virginia. We're pleased to announce the following recent updates:
  • Tim Chapman has been elected Chairman; Kit Hale is now past chair.
     
  • Sarah Stedfast has been elected Vice Chair. 
  • Charlie McConnell and Kit Hale have both been re-appointed to the board for another four years.
     
  • Doug Fahl will continue to chair our Operations Committee. 
  • We bid a fond farewell to Jim Hyland (Ex-officio, Representative of DHCD Board). We wish Jim well in his new endeavors, and appreciate the service he has provided to our board.
Visit VHDA's website for more details about VHDA's Leadership.
 
News from Housing Virginia

Housing Virginia is a partnership of organizations and people working to help ensure that all Virginians have access to quality, affordable housing. VHDA's Executive Director, Susan Dewey, is one of the founders of Housing Virginia and an active board member. 
To learn more about the work of Housing Virginia, read their newsletter, Start Here

 
 
Stay in Touch With VHDA

Can't wait for our next newsletter? Subscribe to our BLOG and use the links below to keep up with VHDA on social media. 
 
Like us on Facebook    View our profile on LinkedIn    View our videos on YouTube    Find us on Google+   
 
  

The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.