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Annual Report 2015

Movie Player

A Video Message from Susan Dewey
Executive Director of VHDA

Report to the Community for 2015

VHDA’s mission continues to be helping Virginians attain quality, affordable housing. Because when housing is affordable, everyone benefits: our neighbors, local businesses, school systems and our communities.

Please click the links on this page for a report on our progress during the 2015 fiscal year (July 1, 2014 – June 30, 2015).

FY15 Quick Summary Report

As of June 30, 2015, VHDA has ...

  • Financed more than 189,600 home loans since inception, including 3,685 during FY15.
  • Financed more than 152,600 rental units, including 4,910 during FY15.
  • Helped more than 186,948 Virginians prepare for homeownership through our free homebuyer classes (both online and in classrooms around the state). 13,322 took the class during FY15.

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, because of the federal government’s intervention in the mortgage markets, VHDA has been raising capital by securitizing most of its homeownership loans through Ginnie Mae and Fannie Mae. The multi-family program continues to be financed through bonds.


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.

FY15 Single Family Lending Report:

  • Disbursed funds for 3,685 single family loans for a total of $633 million.
  • 65 percent of loans were to households making less than 80 percent of median income.
  • 31 percent of loans were made to minorities.

Rental Lending Report

VHDA's Rental Housing 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.

FY15 Rental Lending Report:
  • Provided financing for 4,910 units for a total of $353 million.
  • 71 percent of the units targeted households with incomes less than 60 percent of the Area Median Income.

Homeownership Education

First-time homebuyers play a key role in the housing market and 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.

FY15 Homeownership Education Report:

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

  • A total of 186,948 individuals have taken VHDA's free homeownership education class, including 13,322 during FY15.
  • 107,502 took the training in classrooms throughout Virginia, including 4,206 during FY15.
  • 79,446 took the class online, including 9,116 during FY15.

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.

Supporting Quality, Affordable Rental Homes

In addition to Rental Housing 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. During FY15 we served 9,041 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, There is no charge for landlords to list properties, or for tenants to search by location, cost or amenities. As of June 30, 2015, the number of rental units listed on the site exceeded 107,000.

  • 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, 2015, this program had resulted in 125 Certified Management Agents, managing a total of 90,341 units at 985 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 to targeted housing initiatives is 20 percent of the average of the Authority’s excess revenues for the preceding five years.

VHDA’s Community Outreach Team works with local governments, non-profits and housing authorities in all areas of Virginia to address the housing needs of underserved Virginians. The team supports high priority state policy initiatives including community revitalization, homelessness, and housing accessibility. Our work also links housing, economic development and transportation planning in support of the new Virginia economy.

Our work is accomplished by delivering consumer based housing education, technical assistance, and housing & community development training. We also facilitate grants that are designed to support housing planning activities and increase the capacity and business sustainability of Virginia’s Affordable Housing Delivery Network.

Financial support is funded by VHDA’s REACH Virginia subsidy, derived from VHDA’s net revenue, which we reinvest into Virginia’s communities through programs developed by VHDA’s Homeownership, Rental, and Community Outreach departments.

  • Since REACH's inception in 2006, VHDA has set aside $171 million in REACH funding, supporting more than $1.7 billion in programs.

FY15 REACH Virginia Report:

  • During FY15, VHDA financed more than $66.2 million in loans and grants using more than $17.4 million in REACH subsidy.

Other Ways We Serve

  • 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 1,242 home loans for 36 Habitat for Humanity Virginia affiliates.

  • Don Ritenour Charity Golf Tournament. This annual event sponsored by VHDA has raised more than $1.9 million since the first tournament, created by Managing Director of Development Don Ritenour, took place in 1993. Our 2015 event benefitted seven different charities and one Habitat Chapter: CARITAS, Hope House of Scott County, Inc., Judeo-Christian Outreach Center (JCOC), PACEM, Response, Inc., The Good Shepherd Alliance, Transitions Family Violence Services, Hanover 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 FY15.

Our Leadership

Listed below is VHDA's leadership as of June 30, 2015. You can also view VHDA's current leadership.

Board of Commissioners:

  • Kit Hale, Chairman
  • Timothy Chapman, Vice Chairman
  • H. Richard Ashe
  • Jacqueline T. Black
  • Douglass R. Fahl
  • Manju Ganeriwala, ex-officio (State Treasurer)
  • Jim Hyland, ex-officio (DHCD Board Member)
  • Marjorie N. Leon
  • Charles C. McConnell
  • William C. Shelton, ex-officio (Director, DHCD)
  • Sarah B. Stedfast

Organizational Leadership:

  • Susan Dewey, Executive Director
  • Llew Anderson, Managing Director of Executive Services
  • Barbara Blankenship, Managing Director of Human Resources
  • Art Bowen, Managing Director of Rental Housing
  • Paul Brennan, General Counsel
  • Julie Camus, Managing Director of Internal Audit and Risk Management
  • Pat Carey, Managing Director of Finance
  • Patrick Gluesing, Managing Director of Information Technology Services
  • Mike Hawkins, Managing Director of Community Outreach
  • Judson McKellar, General Deputy
  • Tammy Neale, Chief Learning Officer
  • Janet Wiglesworth, Managing Director of Information Technology Services

Advisory Boards:

More Information





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