VHDA retains all multifamily loan origination, bond issuance, servicing, asset management and compliance functions in-house.
The Rental Housing Division originates and services multifamily and strategic market rental loans, monitors the compliance and operation of the rental portfolio, and administers the federal low-income housing tax credit program. VHDA retains all multifamily loan origination, bond issuance, servicing, asset management and compliance functions in-house.
Underwriting and Loan Processing – We originate and underwrite new loans and also refinance existing VHDA loans.
Design and Construction – Provides quality control throughout the construction process including design review, technical assistance and on-site inspections.
Legal – You will be represented by your own legal counsel; however, our in-house attorneys will manage the closing process at no additional cost to you.
Compliance & Asset Management – Monitors the financial and physical performance of properties and ensures that tenant income eligibility requirements are followed in accordance with VHDA loan programs and HUD and IRS requirements that VHDA may be responsible for monitoring. This is accomplished through the periodic inspections of the properties and routine compliance file audits by VHDA staff. Additionally, this department is responsible for the administration of the VHDA Certified Management Agent Program.
Servicing – Your loan will be serviced in-house and you always have easy access to your loan status though the online Borrower Inquiry System or through our professional staff.
Housing Credits - The federal Low-Income Housing Tax Credit (LIHTC) program is sponsored by the U.S. Treasury Department and authorized under Section 42 of the IRS Code of 1986. The program, administered in Virginia by VHDA and includes both 4% and 9% credits, encourages the development of affordable rental housing by providing owners a federal income tax credit. It also provides incentive for private investors to participate in the construction and rehabilitation of housing for low-income families.