FOR IMMEDIATE
RELEASE
December
28, 2001
CONTACT, Katie
O'Rourke
804-343-5520 / cell:
804-840-7286
katie.orourke@vhda.com
The
Virginia Housing Development Authority, in
partnership with the state Department of Housing and Community
Development, recently completed a comprehensive, nine-month study of
housing needs across the state. The Statewide Housing Needs Assessment, which
included input from nine regional meetings with Virginia citizens, was
undertaken to identify key housing issues and needs in rural, suburban and urban
areas throughout the state.
One of the
outcomes of the study indicated that certain populations are underserved in the
current housing market, including special needs populations, single heads of
households, and numerous other low- and moderate-income homebuyers.These groups
would benefit from the ability to pool their financial resources to purchase
a home.
Based on
the Housing Needs Assessment, and feedback from VHDA’s business partners including
realtors, mortgage bankers and housing advocacy groups, the VHDA Board of Commissioners
is considering amending its Single Family Loan Program Regulation which currently
restricts the joint purchase of a home to persons related by blood, birth,
marriage or custodial guardianship.
“The Housing
Needs Assessment shows there are three-quarters of a million Virginians between
the ages of 60-85, many of whom do not own their own homes because they are on
fixed incomes,” said Susan Dewey, executive director of
VHDA.
“There
are also almost 1 million persons with disabilities, most of whom do not own
their own homes, because they are restricted by fixed, limited incomes. These
persons cannot currently pool their limited income to obtain a low-interest
VHDA loan because they are not related by blood or birth,” said Dewey.
“There
are many single heads of households who are renting because they are restricted,
due to the current regulation, from combining resources for homeownership with
another single head of household. The same applies for those with special needs
including the disabled. Under the change being considered by the VHDA Board
of Commissioners, these populations will have the opportunity to obtain low-interest
VHDA home financing,” said Dewey.
VHDA will
hold a public hearing to obtain comments from interested parties prior to final
consideration of the regulation change by the VHDA Board. The hearing is scheduled
for 10:00 a.m. on Thursday, January 3, 2002, at VHDA headquarters at 601 S.
Belvidere St., Richmond. The Virginia
Housing Development Authority is Virginia’s state housing finance agency. VHDA
is self-supporting. VHDA issues bonds to raise private capital to provide low-interest
rate home loans and other home loan financing alternatives to Virginians seeking
safe, decent, affordable housing.