| The Virginia Housing Development Authority (VHDA) is the state’s mortgage finance agency. Created in 1972 by the Virginia General Assembly, our mission is to help Virginians attain quality, affordable housing. Our vision is to be the Leading Mobilizing Force for Affordable Housing in Virginia®.
Our Guiding Principles are:
- Overcoming barriers to affordable housing
- Knowing our customers and offering programs, products and services that meet their needs and are easily accessible
- Attracting and retaining associates who are knowledgeable, mission-driven, collaborative, customer-focused and have a can-do attitude
- Using resources efficiently and effectively - people, time, money, technology and information - striking a balance between short- and long-term.
- Valuing relationships and respecting different perspectives
- Considering what is best for VHDA as a whole in order to address the affordable housing needs of the Commonwealth and its communities.
Since it was founded, VHDA has committed financing for 131,000 single family homes and 96,000 multifamily apartments.
Products and Programs
VHDA has developed an array of Homeownership Loan Programs designed to remove the barriers of buying a home and meet the changing needs of today’s low- and moderate-income consumer. Home mortgage loans are available for both first-time buyers and repeat homeowners. Most of these loans are originated by private lenders.
- The authority also has two traveling vans that serve as Mobile Mortgage Offices to process and approve loans in the Southwest, Southside and the Eastern Shore — areas of the state that are not served by traditional lenders.
- Since 1993, VHDA has offered free Homeownership Education Classes throughout the state to help Virginians learn the process of buying a home and maintaining it long-term. In addition to English, classes are held in Spanish and sign language.
Our Multifamily/Rental Loan Programs assist large and small developers in purchasing, rehabilitating and renovating apartments and rental properties for low- and moderate-income Virginians. Within this division, the authority also administers the Federal Low-Income Housing Tax Credit program, which encourages the development of affordable rental housing by providing owners with a federal income tax credit.
Funding Sources
Each year, VHDA issues taxable and tax-exempt bonds to support its lending Single Family and Multifamily Loan programs. The private sector purchases VHDA bonds, and this, in turn, generates the authority's principal source of capital. The bonds do not constitute a debt or obligation of the Commonwealth.
From its own operating funds, VHDA finances the Virginia Housing Fund, which makes loans to homeownership and rental programs that serve Virginians who have incomes at 50 to 60 percent of their area medians and who cannot be served by our traditional bond-funded programs.
Organizational Structure
VHDA is a quasi-government agency. The governor appoints our 11 Board of Commissioners. However, the authority is self-supporting and does not use tax dollars to fund its lending programs.
Susan F. Dewey became the executive director in 1999. She heads a Leadership Team of eight divisional managers and a strategic development leader. VHDA has 286 full-time employees.
Strategic Goals
To meet the state’s most critical housing needs, VHDA develops and updates its Strategic Plan and Objectives annually. In VHDA's Strategic Plan, the authority is focusing on these goals:
- Increase affordable housing opportunities for:
- Low- and moderate-income households
- Underserved Minority Populations
- People with disabilities and frail elderly
- Ensure an ongoing inventory of affordable housing that supports strong, viable communities
- Strengthen VHDA's ability to provide affordable housing
Related Links
VHDA Management Scorecard
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