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Annual Report 2011

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A Video Message from Susan Dewey
Executive Director of VHDA

Report to the Community for 2011

In communities all over Virginia, we’ve seen the difference that quality, affordable housing can make. Businesses, school systems and transportation systems all benefit when our citizens have safe, decent, affordable housing. At VHDA, it’s our job — and our mission — to help Virginians attain quality, affordable housing.

Please click the links on this page for a report on our progress during the 2011 fiscal year (July 1, 2010 - June 30, 2011).

FY11 Quick Summary Report

As of June 30, 2011, VHDA has ...

  • Financed more than 174,500 home loans since inception, including 2,600 during FY11.
  • Financed more than 135,000 rental units, including 4,878 during FY11.
  • Helped more than 123,000 Virginians prepare for homeownership through our free homebuyer classes (both online and in classrooms around the state). 9,468 took the class during FY11.

Financial Statement

As an independent authority, VHDA receives no state tax dollars for its programs and operations. Traditionally, we have raised capital through the issuance of bonds. However, VHDA has faced challenges raising funds for our homeownership programs in the current environment. This is not because of VHDA's credit, since our single family bonds are rated AAA; rather it is caused largely by the federal government's unprecedented intervention into the mortgage markets. VHDA has been a leader among our peers in other states in finding alternative sources of affordable mortgage loan capital, and we continue to explore new sources of capital to sustain our lending programs.

Homeownership Lending Report

VHDA mortgages are designed with the first-time homebuyer in mind, including options for down payment financing. Borrowers can have confidence in the quality of our loans; VHDA has never engaged in sub-prime lending. And, we service our own loans right here in Virginia.

FY11 Single Family Lending Report:

  • Disbursed funds for 2,600 single family loans for a total of $375 million.
  • 76 percent of loans were to households making less than 80 percent of median income.
  • 38 percent of loans were made to minorities.

Rental Lending Report

VHDA's Multifamily Division provides financing to for-profit and non-profit developers of affordable, quality rental housing. We finance new construction, mixed-use/mixed-income developments, and rehabilitation of older properties. Most projects involve multiple layers of financing, with funds coming from VHDA taxable and tax-exempt bonds, federal Low-Income Housing Tax Credits (which VHDA administers), and other sources such as historic tax credits. To ensure the best combination of resources and financing, VHDA offers developers our planning and consulting services.

FY11 Rental Lending Report:
  • Provided financing for 4,878 units for a total of $277.5 million
  • 87 percent of the units targeted households with incomes less than 60 percent of the Area Median Income.

Homeownership Education

First-time homebuyers will play a key role in the recovery of the housing market and the overall economy. To make sure the next generation of homebuyers is informed and prepared, VHDA offers a free, no-obligation homeownership class. This in-depth, eight-hour course is available to the general public and is required for homebuyers who apply for a VHDA loan. It covers topics such as credit, setting up a spending plan, working with a lender and real estate agent, the home inspection and the closing process. The class is offered in English or Spanish, and students can choose either online or classroom training.

FY11 Homeownership Education Report:

Since VHDA's Homeownership Education program began in 1993 ...

  • A total of 123,216 individuals have taken VHDA's free homeownership education class, including 9,468 during FY11.
  • 87,645 took the training in classrooms throughout Virginia, including 3,460 during FY11.
  • 35,571 took the class online, including 6,008 during FY11.

Watch Video Testimonials of Actual Students:

Our Programs

VHDA offers a variety of programs for Virginians looking to buy or rent an affordable home. We also provide developers of quality, affordable rental housing with access to financial resources and tax incentives. Please click any program name below to learn more.

Homebuyer Programs

Military & Veterans Programs

Homeowner Programs

Renter Programs

Business Partner Programs

Borrower Assistance

VHDA has a Loss Mitigation program to help our borrowers who are facing financial difficulty and are more than 30 days behind on their mortgage payments. We encourage these borrowers to get in touch with us as soon as possible when they start having trouble making house payments. In many cases we can help these borrowers work out a plan to get back on track, depending on individual situations and how far behind in their payments they are.

We also continue to mail out our “We’d Like To Help” video to borrowers we have been unable to reach who are more than 60 days past due on their payments.

Supporting Quality, Affordable Rental Homes

In addition to Multifamily financing, VHDA has several programs in place to help renters and property managers and to ensure there are quality, affordable housing options for Virginians who choose to rent.

  • The Housing Choice Voucher Program. This is a HUD program administered by VHDA to help low-income families, the elderly and people with disabilities by providing all or a portion of their rental payments. Vouchers can be used to help pay rent for a house, apartment or mobile home where the landlord has agreed to participate in the program. Vouchers are distributed by VHDA (in areas not served by a local housing authority) through a network of agencies. In calendar year 2010 we served 9,323 families who received assistance through a Section 8 voucher subsidy.

  • Connecting Landlords and Tenants. VHDA sponsors the state's most comprehensive online database of available rental housing, VirginiaHousingSearch.com. There is no charge for landlords to list properties, or for tenants to search by location, cost or amenities. As of June 30, 2011, the number of rental units listed on the site exceeded 68,000.

  • Quality Matters. Rental properties should be well-managed, for the sake of tenants and the value of the surrounding neighborhood. VHDA's Certified Management Agent program was created to set high standards among property managers. As of June 30, 2011, this program had resulted in 78 Certified Management Agents, managing a total of 70,400 units at 773 properties.

REACH Virginia: VHDA Support for Critical Housing Needs

Resources Enabling Affordable Community Housing in Virginia (REACH Virginia):

  • The annual amount of the Authority's net assets to be dedicated, on a present value basis, to provide reduced interest rates and other support for mortgage loans, or to otherwise provide housing subsidies under the Authority's programs, is equal to 15 percent of the average of the Authority's excess revenues for the preceding three years (in fiscal years 2005 - 2010) or five years (in fiscal years 2011 and thereafter).

    The highest priority has been placed upon serving the elderly, the disabled, and lower income households as well as families in need of affordable housing not otherwise being serviced by other housing programs. The Fund and REACH have also sought to provide support for comprehensive programs of neighborhood revitalization.

  • VHDA's REACH Virginia team provides outreach to seniors, people with disabilities, low-income households and the Hispanic and African American communities. We also work with local governments, non-profits and housing authorities from around the state, including high-growth areas such as Northern Virginia, where affordable housing is scarce. This outreach is supported by our own REACH Virginia subsidy, which also provides lower-interest loan programs to serve these communities.

  • Since REACH's inception in 2006, VHDA has allocated over $116.7 million (an average of $19.5 million annually) in REACH funding, supporting more than $1.2 billion in programs.

FY11 REACH Virginia Report:

  • During FY11, we made available an estimated $18.3 million in REACH, which supported more than $75 million in programs.

Other Ways We Serve

As part of our mission, VHDA provided the following during FY11:

  • Granting Freedom, a grant program for Virginia's disabled veterans, administered by VHDA in partnership with the Department of Housing and Community Development, Community Housing Partners and other community groups. The program provides funds to help Virginia's disabled veterans make their homes more accessible. Watch video.

  • Pro-bono servicing of 1,235 home loans for 35 Habitat for Humanity affiliates.

  • Charity Golf Tournament. This annual event sponsored by VHDA has raised $1,352,500 since the first tournament took place in 1993. Our 2011 event benefitted five charities: Community Residences, Inc., ForKids, Inc., Freedom House, Hilliard House and Lancaster/Northumberland Habitat for Humanity.

  • The Virginia Housing Directory.

VHDA's Volunteer Council provided many additional opportunities to serve our community this year. Habitat for Humanity builds, blood drives and food drives are just a few examples of the community service projects VHDA associates took part in during FY11.

Our Leadership

Listed below is VHDA's leadership as of June 30, 2011. You can also view VHDA's current leadership.

Board of Commissioners:

  • Charles C. McConnell, Chairman
  • Yvonne Toms Allmond, Vice Chairman
  • Jacqueline T. Black
  • Timothy M. Chapman
  • Manju Ganeriwala, ex-officio (State Treasurer)
  • Kit Hale
  • Gerald W. Hopkins
  • Marjorie N. Leon
  • John P. McCann
  • Nancy K. O'Brien, ex-officio (DHCD Board Member)
  • William C. Shelton, ex-officio (Director, DHCD)

Organizational Leadership:

  • Susan Dewey, Executive Director
  • Barbara Blankenship, Managing Director of Human Resources
  • Art Bowen, Managing Director of Finance and Administration
  • Tom Dolce, Managing Director of Servicing and Compliance
  • Herb Hill, Managing Director of Policy, Planning and Communications
  • Judson McKellar, General Counsel
  • Tammy Neale, Chief Learning Officer
  • Don Ritenour, Managing Director of Development
  • Janet Wiglesworth, Managing Director of Information Technology Services
  • Russ Wyatt, General Auditor

Advisory Boards:

FY11 Awards and Distinctions

  • In FY11, VHDA was honored to win two national awards from the National Council of State Housing Agencies (NCSHA) for our website re-design and our loss mitigation video sent to customers who are more than 60 days behind on their payments. (VHDA has since received four more national awards from NCSHA.)

  • Two VHDA associates were honored with Housing Leadership awards from the Virginia Housing Coalition.

  • VHDA received the Visionary Award in the second annual EarthCraft Awards.

 

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