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Dear
Friends of Affordable Housing,
Thanks to your letters, phone calls
and other support, legislation regarding the tax-exempt
bond cap, which was also supported by Governor Kaine, has
been signed into law and will take effect on July 1, 2008.
As you may know, HB 1073:
- Transfers
to VHDA 16 percent of Virginia’s tax-exempt private
activity bond capacity from industrial development bonds
(IDBs). Historically, IDBs have not been fully utilized.
This additional 16 percent increases VHDA’s current
bond authority of 27 percent to 43 percent of Virginia’s
total tax-exempt pool. The resulting additional $105 million
in bond authority will finance approximately 670 single
family loans each year.
- Transfers
to the Department of Housing and Community Development
(DHCD) the administrative responsibility for the bond
allocations of the Local Housing Authorities (LHA) and
the Governor’s allocation. DHCD will, through a
public participation process, develop guidelines to ensure
that this scarce state resource is utilized efficiently
and equitably. The percent allocation to the LHAs does
not change.
The
homeownership loans financed by VHDA’s tax-exempt
bonds provide below-market financing for first-time homebuyers.
Increasing affordability for first-time homebuyers is essential
for a rebound of Virginia’s housing industry, since
most of the inventory of unsold homes was constructed to
serve the trade-up market that is dependent on sales to
first-time homebuyers. A resulting improvement in the housing
market should have a positive effect on the state’s
economy and tax revenues.
The
legislative changes provided in HB 1073 will permit VHDA
to have greater certainty about the amount of our tax-exempt
bond allocation. That certainty will enable us to:
- Better
plan and structure our programs for long-term usage of
our tax-exempt bond allocation.
-
Avoid sudden curtailment of our tax-exempt bond financed
lending activities.
However,
even with the passage of HB 1073, VHDA will be receiving
only 43 percent of Virginia’s pool of tax-exempt bonds,
as opposed to the 60 percent we received last year and the
80 percent the authority has received on average over the
past seven years. This means VHDA has had to modify/suspend
some of its programs because our current resources are inadequate
to meet the current high demand, particularly in homeownership.
Still,
the passage of this important legislation is a victory for
making housing affordable in Virginia, and there is no doubt
that your support made a real difference—as it always
does. VHDA values our partnerships with lenders, REALTORS®,
local housing authorities and other affordable housing advocates.
Thank you for helping to keep the dream of homeownership
alive for thousands of Virginians.
-
Susan Dewey
VHDA
Hosts the First in a Series of Training Sessions for Foreclosure
Prevention Counselors
Courtney
Mailey, regional community development manager with the
Federal Reserve Bank of Richmond, U.S., (shown right) was
one of almost a dozen speakers at a recent three-day foreclosure
prevention training session held at the Virginia Housing
Center. Attendees, housing counselors from a variety of
Virginia housing agencies and nonprofits, were trained in
all facets of foreclosure intervention counseling and loss
mitigation, a process to help those having trouble making
their home loan payments.
Other guest speakers included Virginia Holman
of HUD Richmond Field office (and a member of the Virginia
Foreclosure Prevention Task Force), Michelle Corridon of
USDA Rural Development, Jay Speer of Virginia Poverty Law
Center, Paula Sherman of HOME, Inc. (also a task force member
organization), Rhonda Woody of Catholic Charities of Eastern
Virginia, Inc., Andrea Hager of Blue Ridge Housing and Mark
Lewis of Legal Aid in Christiansburg.
NeighborWorks® America has been a great
partner with VHDA, by providing training for our staff,
manuals for the classes and access to their curriculum.
Training was also provided by Arlington
Home Ownership Made Easy (AHOME), Virginia Cooperative Extension
of Prince William County and People Incorporated of Southwest
Virginia, in addition to VHDA staff members Sandy Case,
Kelly Gill-Gordon and Anne Gwaltney.
These organizations will provide a comprehensive
curriculum for the foreclosure prevention training that
covers all facets of loss mitigation counseling, including
the steps of foreclosure prevention. Training is to be provided
to non-profits, local governments and local housing agencies.
Housing counselors completing the training will receive
a NeighborWorks certificate of completion for the Basic
109 course, and a VHDA certificate of completion for Basic
to Intermediate Loss Mitigation and Foreclosure Prevention
training.
This training is designed to increase the
number of housing counselors available to guide borrowers
through the steps of foreclosure prevention, including contacting
lenders quickly, establishing a spending plan and identifying
possible repayment plans. In addition to Richmond, other
three-day foreclosure counselor training sessions have been
held in Norfolk, Roanoke and Herndon and several more are
planned for Richmond and Roanoke.
VHDA provided scholarships that covered
the cost of each counselor’s hotel room, while the
Federal Reserve Bank of Richmond, U.S., provided breakfast,
a box lunch and a break snack each day.
Training is one of the first initiatives
of the Virginia Foreclosure Prevention Task Force, created
by Governor Kaine to protect and preserve homeownership
for Virginia’s working families and prevent future
foreclosure problems.
“VHDA
is pleased to be a strong partner with Virginia’s
housing counselors in meeting the housing needs of your
communities, said VHDA Executive Director Susan Dewey. “From
providing low-interest mortgage loans to administering housing
choice vouchers to broader affordable housing advocacy,
we at VHDA look forward to continuing our work with housing
counselors to continue providing quality, affordable housing
– one of the foundations of healthy, vibrant communities.”
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First
EasyLiving Home Opens in Va
VHDA
Partners with Virginia Assistive Technology Solutions to
Bring Certification Program to the Commonwealth
Encouraging
builders to include cost-effective features that enhance
the accessibility and visit-ability of homes is what the
EasyLiving Home certification program is all about.
Our
role as a founding partner in Virginia’s effort to
establish EasyLiving Homes certification, a program developed
and licensed by the Georgia Statewide Independent Living
Council, is one way VHDA is working to reach the authority’s
strategic goal to help create more housing that complies
with universal design standards.
Pioneered
in Georgia, the program is new to Virginia. The Commonwealth’s
first EasyLiving Home was formally certified by the nonprofit
Virginia Assistive Technology Solutions, Inc., (VATS) in
March. The house was built by Stephen Thomas Homes in the
Spring Lake subdivision located in Glen Allen.
“EasyLiving
Homes are designed to be convenient for the entire lifetime
of the owners,” said Bill Fuller, president of the
VATS board and a VHDA Senior Community Housing Officer.
The
voluntary certification for everyday construction encourages
inclusion of features that make new homes welcoming to residents
and visitors of all ages, sizes and abilities without sacrificing
style or substantially increasing construction costs.
In addition, this new home is also certified by EarthCraft
House™, a green building program that serves as a
blueprint for healthy, comfortable homes that reduce utility
bills and protect the environment.
To
learn more about universal design or green building, please
contact Bill Fuller at 804-343-5754 or bill.fuller@vhda.com.
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VHDA
Participates in HUD Homeownership and Foreclosure Prevention
Clinic
Consumers
in crisis had the opportunity to work with a variety of
industry experts during a recent Housing and Urban Development
(HUD) Homeownership and Foreclosure Prevention Clinic held
in Woodbridge.
VHDA
was represented by Program Manager Janice Burgess who spoke
as part of a homeownership workshop on Understanding Mortgage
Loans.
VHDA
representation at the clinic also included Frank Curbeira,
Contact Center Manager, Linda Wine, Business Development
Officer and Artonda Hawkes-Harris, Events Manager, all of
who worked our booth, as well as by Community Housing Officer
Jose Piaz, who served as a facilitator for several Spanish-speaking
workshops.
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The
Virginia Housing Center—
The Perfect Setting for Your Next Meeting
Our
mission at VHDA is to help Virginians attain quality, affordable
housing. We carry out this mission, not alone, but in partnership
with many housing partners all across the Commonwealth.
We’d like to assist your organization in furthering
its housing-related mission by providing you with a great
conference space at our Virginia Housing Center.
Conveniently
located in Richmond’s Innsbrook area, it’s an
ideal setting for large or small meetings — and for
VHDA’s housing partners, meeting rooms are available
free of charge. We encourage you to take advantage of this
facility!
To request
our complete information packet, ask questions or to book
your event, please call our Conference Center Manager at
804-915-3200.
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20th
Anniversary of HOME’s President and CEO Is Officially
Recognized by VHDA
Over
the last 20 years, Connie Chamberlin (shown left), president
and CEO of Housing Opportunities Made Equal of Virginia,
Inc. (HOME), has nurtured HOME’s growth from a small,
entrepreneurial organization on Cary Street to a much larger,
still entrepreneurial organization on Franklin Street. She
grew the organization’s education programs and handled
key fair housing cases, cementing HOME’s outstanding
national reputation and critical changes in the business
operations of insurers. Today, with her focus on systemic
issues that impact access to housing, Chamberlin leads the
way as a much-respected housing advocate.
“Connie
has certainly done an extraordinary job,” said VHDA
Executive Director Susan Dewey, “and we at VHDA are
fortunate to have her as a housing partner.”
Chamberlin
also has served on many task forces and advisory councils,
including her current role on the Virginia Foreclosure Prevention
Taskforce. In addition, she is currently chair of the Virginia
Housing Coalition and secretary of the Board of Housing
Virginia.
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