October 29, 2015

Still time to register for the 2015 Virginia Governor's Housing Conference!

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The countdown is on for the 2015 Virginia Governor's Housing Conference. But, there is still time to register for Virginia's largest housing event of the year! Click here to register online.

November 18-20, 2015
Hampton Roads Convention Center
1610 Coliseum Drive
Hampton, VA 23666

This year’s conference is focused on Driving the New Virginia Economy. Hear from experts on how housing, in conjunction with economic and community development, is critical in advancing the new economy across the Commonwealth. The conference will be filled with a variety of plenary, concurrent and snap sessions. The wide array of topics is designed to spark discussion on ways to continue to make Virginia a better place for all. This conference is one you won’t want to miss!
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VHDA’s Guiding Principles of Homeownership Offers Tips to Maintain Your Property [Part 4]

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Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about routine upkeep.

Routine upkeep of your home can identify and correct small problems that reduce the chance of developing bigger issues later. Don’t make the costly mistake of thinking, “Out of sight, out of mind.”

As a new homeowner, you should perform the following inspections annually (or more frequently, if needed):

  1. Heating equipment – Inspect filters regularly, and change them when they are dirty. This allows your heating unit to run properly and helps reduce your heating bill.
  2. Plumbing fixtures – To prevent a small problem from becoming a major one, check under sinks and around toilets for signs of leaking or damage from condensation.
  3. Roof – Signs of problems could include curling, torn or missing shingles. It is best to get a professional inspection to determine the actual condition of your roof.
  4. Siding – Metal and vinyl siding should be checked for sagging or buckling, which could be signs of water damage from leaky roofs or too much humidity inside your home. Also, caulking around windows and doors on each side of the house should be checked for peeling or cracking.
  5. Termite inspections – Perform an annual termite inspection to catch any problems early. Termites can cause a great deal of damage to your home.
To help homeowners learn more about home maintenance and saving money on minor repairs, the Virginia Cooperative Extension offers excellent home maintenance classes, free of charge. Check the VCE office nearest you for listings.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 28, 2015

In Case You Missed It: A Look at Recent National Housing Policy News

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GSE leadership no longer expecting reform

Fannie, Freddie CEOs focus on reducing risk, expanding credit

http://www.housingwire.com/articles/35390-gse-leadership-no-longer-expecting-reform
The government-sponsored enterprises are getting back to their core mission, shaking the idea that a resolution to conservatorship is just around the corner and reshaping their business models to reduce risk to taxpayers while expanding access to credit.   That was the message from Timothy Mayopoulos, president and CEO Fannie Mae and Donald Layton, CEO of Freddie Mac, speaking on the “A Conversation with GSE Leadership” panel at the Mortgage Bankers Association’s 102nd Annual Convention and Expo in San Diego, California. Nearly 4,500 real estate finance professionals are in San Diego this week for the convention.



Boomers, Minorities to Drive Future Housing Demand


https://www.mba.org/mba-newslinks/2015/october/mba-newslink-friday-10-23-15/boomers-minorities-to-drive-future-housing-demand
Nearly 16 million households are expected in the U.S. housing market by 2024, which Mortgage Bankers Association economists said should lead to much greater demand for both renter- and owner-occupied housing.   MBA Vice President of Research and Economics Lynn Fisher said with an average of 1.6 million additional households per year, housing market growth over the next decade could be among the strongest the U.S. has ever seen.   "Just the sheer change in the number of people are driving the creation of new household formation," Fisher said here at the MBA 102nd Annual Convention & Expo.  In August, MBA released a research paper, Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households, showing the housing demand surge will be driven by Hispanics, Baby Boomers, Asian-Americans and Millennials (http://mba.informz.net/MBA/data/images/15292_Research_Growth_White_Paper.pdf).



Fixing Housing Is Key to Addressing Income Inequality


http://time.com/4075819/real-estate/
We’re not having a real discussion about income inequality unless we’re talking about the serious gap between what people earn and how much of their income they must spend on rent.   As the nation’s population grows over the next 15 years, new renters will outnumber homeowners, with nearly six in 10 new households renting their homes, according to a forecast by the Urban Institute. At the same time, the number of renter households paying more than half their income on rent could rise as high as 14.8 million by 2025, up from 11.8 million this year, according to a recent forecast by Harvard’s Joint Center for Housing Studies and Enterprise Community Partners Inc., the affordable housing nonprofit where I serve on the board.



A Lot of Cheap Housing Is About to Get Very Expensive 


http://www.bloomberg.com/news/articles/2015-10-21/a-lot-of-cheap-housing-is-about-to-get-very-expensive
With 400,000 affordable units expiring, housing advocates fear that owners will seek to cash in on gentrifying neighborhoods.  Urban Institute fellow Erika Poethig has a poster in her office showing 22 apartment buildings along Chicago's Lake Shore Drive. They were all built with U.S. government dollars to provide affordable housing to thousands of low-income households—and have since been converted to market-rate apartments and condominiums.  For Poethig, a former official at the Department of Housing and Urban Development, those apartments are a warning. There are currently about 1.34 million units of affordable housing created by a HUD program known as Section 8 project-based rental assistance, according to a blog post published on Wednesday by Poethig and her Urban Institute colleague Reed Jordan. More than 30 percent of those units are kept affordable by contracts that are set to expire by the end of 2017.

Beyond Bricks and Sticks

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A weekly digest of current trends in housing and community development. The discussion examines topics from infrastructure to community fabric.


Housing 2020

(RECAP: In Housing 2020, Housing Virginia looks at the future of housing in Virginia through four lenses – Demographics, Economics, Finance and the Greening of our Housing Stock. In each of these areas Housing Virginia worked with an expert to identify and communicate what these changes are and what we need to understand about these trends.)

Equitable transit-oriented development: Public benefit disguised as sticks and bricks

(RECAP: Enterprise Community Partners’ research on equitable transit-oriented development (eTOD) highlights myriad benefits of the development model for low- and moderate-income residents and regions as a whole.)

A Briefing on the Family Options Study

(RECAP: HUD has been studying the effects of services and interventions intended for homeless families. In 2008, Congress directed HUD to analyze this information to see whether services and interventions offered had positive effects on families. After years of planning and observation, researchers have released the preliminary results in the report Family Options Study: Short-Term Impacts of Housing and Services Interventions for Homeless Families.)

More Than Just a Bench

(RECAP: A handful of cities have installed solar-powered benches that can charge phones, sense heat and track traffic.)

Opinions on Housing                                                                         

The views and opinions expressed in Opinions on Housing are solely those of the original authors, and do not necessarily represent those of VHDA, our stakeholders or any/all contributors to this blog.

A Healthy Downtown is Key to a Strong Community

(RECAP: In most cases downtowns serve as the engine for local economies. However, downtowns are much more than a profit center to cities. Downtowns are unique in that they are typically the only neighborhood that belongs to and is shared by everyone in the region.)

October 27, 2015

Jim Chandler to be Inducted into AHF 2015 Hall of Fame

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Jim Chandler, VHDA’s Low-Income Housing Tax Credit Program Director, is being inducted into Affordable Housing Finance’s 2015 Affordable Housing Hall of Fame. Jim’s tenure at VHDA has spanned four decades, and when he retires in February of 2016, his legacy will be the tremendous impact he’s had on affordable housing across Virginia.

Find out why he’s called “The Dean of LIHTC Allocators” in AHF’s article.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 26, 2015

3rd Annual VHC Housing Credit Conference Draws Over 300 Attendees

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The Virginia Housing Coalition’s Third Annual Housing Credit Conference was held Oct. 8-9 at the Westin Hotel in Richmond. Once again, VHC brought together a great series of speakers covering a wide range of tax credit-related topics, including a VHDA Tax Credit Program Forum. VHDA’s Jim Chandler was also recognized at the conference for his career of service in the housing industry. For details about the event, including presentations, photos and a list of attendees, check out this recap post.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

CDBG Program Design Input Workshops

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During the month of November, DHCD will hold two input sessions for comments related to the preparation of the 2016 Community Development Block Grant (CDBG) program design. The program design will guide the use of all non-entitlement CDBG funds for the 2016 program year. Feedback on the program will be taken, and a draft of the 2016 program design will be available for review.

Two sessions will be held. The first is in Wytheville on Tuesday, Nov. 10, and the second is in Richmond on Thursday, Nov. 12. Both sessions require registration, so select the session that you’d like to attend and register today!

Tuesday, Nov. 10, 10 a.m.-noon
Wytheville Meeting Center
Eversham Ballroom C
333 Community Boulevard
Wytheville, VA 24382
Register Now

Thursday, Nov. 12, 9-11 a.m.
Main Street Centre
12th Floor South Conference Room
600 East Main Street
Richmond, VA 23219
Register Now
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 22, 2015

VHDA’s Guiding Principles of Homeownership Offers Tips to Maintain Your Property [Part 3]

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Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about routine upkeep.

Routine upkeep of your home can identify and correct small problems that reduce the chance of developing bigger issues later. Don’t make the costly mistake of thinking, “Out of sight, out of mind.”

As a new homeowner, you should perform the following inspections annually (or more frequently, if needed):

  1. Basement or crawl space – Can produce moisture problems. Look for signs of stained walls or a white powder on the lower section. This could indicate moisture penetration.
  2. Doors and windows – Check from both inside and outside. Make sure weather stripping is present and in good condition to prevent moisture build-up. Also, check your locks to ensure that they are working properly.
  3. Floors – Take a lot of wear and tear. Proper cleaning, and placing area rugs inside every entrance, will catch water and debris, keeping your floors in better condition.
  4. Foundation – Be aware of water penetration created by improper grading. Water penetration should be corrected to prevent damage to the foundation. It is also important to check for cracks that mean the house is settling and could allow water to penetrate. 
To help homeowners learn more about home maintenance and saving money on minor repairs, the Virginia Cooperative Extension offers excellent home maintenance classes, free of charge. Check the VCE office nearest you for listings.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 21, 2015

Beyond Bricks and Sticks

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A weekly digest of current trends in housing and community development. The discussion examines topics from infrastructure to community fabric.


What I learned from a local affordable housing planning process

(RECAP: Over the course of the 18 months that the National Housing Conference (NHC) was involved in the affordable housing planning process in Arlington, I learned a lot about how to draft and build consensus around an affordable housing plan. These are lessons, I think, that are valuable to other communities developing their own plans.)

Coding for Character: Doing Away With the Zoned Out Nature of Cities

(RECAP: What's keeping the historic parts of your city or town from staying up-to-date and well-loved? Usually, the laws.)

Using digital data for community stabilization

(RECAP: New mobile “apps” are enabling community development organizations to standardize data collection, crowdsource information on property conditions and better inform neighborhood-stabilization strategies.)

A Picture of Disability and Designated Housing

(RECAP: HUD’s Office of Policy Development and Research recently released a study, A Picture of Disability and Designated Housing, that explored the status of available and accessible housing for HUD-assisted households with disabled members, compared the profile of this population with that of the larger population of disabled U.S. residents, and considered the implications of these findings for HUD policy and data resources.)

Opinions on Housing                                                                         

The views and opinions expressed in Opinions on Housing are solely those of the original authors, and do not necessarily represent those of VHDA, our stakeholders or any/all contributors to this blog.

Visualizing housing policy’s impact on inequality

(RECAP: As we look for opportunities to rebalance our national housing policy in a time of constrained public resources, analysis informs us that targeting funds toward housing assistance and policies that support those at the bottom end of the income ladder may be the most prudent and impactful way to do more with less.)

Liner buildings: How to get great streets years in advance

(RECAP: There's nothing that jump-starts a place people will love to walk like liner buildings. It doesn't matter whether you're helping a place recover from sprawl or building a new neighborhood center; liner buildings get far more bang for the buck and make things possible today that would be completely impossible until years in the future using conventional mixed-use building types.)
 http://bettercities.net/news-opinion/blogs/steve-mouzon/21790/liner-buildings-how-get-great-streets-years-advance

October 20, 2015

In Case You Missed It: A Look at Recent National Housing Policy News

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House Financial Services Subcommittee Chair Introduces Housing Assistance Reform Bill  

https://www.ncsha.org/blog/house-financial-services-subcommittee-chair-introduces-housing-assistance-reform-bill
House Financial Services Subcommittee on Housing and Insurance Chairman Blaine Luetkemeyer (R-MO) introduced the Housing Opportunity through Modernization Act of 2015, H.R. 3700. The bill incorporates several previously proposed policy changes to improve HUD assistance programs that enjoy bipartisan support and are relatively noncontroversial. In his press release announcing the bill, Luetkemeyer states that “these reforms will help to put our nation’s housing programs on a path to maximize effectiveness and deliver more opportunity for both people in need and the organizations that serve them.” H.R. 3700 includes several provisions from the Section Eight Voucher Reform Act of 2011 (SEVRA), H.R. 1209, and a House Financial Services Committee discussion draft of the Affordable Housing and Self-Sufficiency Improvement Act of 2012 (AHSSIA). Notable items from these bills simplifying the Section 8 Housing Choice Voucher program included in H.R. 3700 are an increase in the maximum contract term for project-based vouchers from 15 to 20 years and streamlined physical inspection and income determination rules. H.R. 3700 also contains provisions to permanently authorize USDA’s Multifamily Housing Revitalization Program and delegate guaranteed rural housing loan approval authority to preferred lenders that meet standards to be set by USDA.

New rules for lenders seem to be raising costs for mortgage customers

http://www.washingtonpost.com/realestate/new-rules-for-lenders-seem-to-be-raising-costs-for-mortgage-customers/2015/10/13/676d44b4-70f3-11e5-8248-98e0f5a2e830_story.html
Since the nationwide changeover in mortgage and settlement procedures took effect, lenders and brokers say just about everything is taking longer, and the costs to home buyers are moving up.
It has been barely two weeks since the nationwide changeover in mortgage and settlement procedures took effect, but early results are trickling in: Lenders and brokers say just about everything is taking longer, and the costs to home buyers are moving up.   On Oct. 3, under a directive from the federal Consumer Financial Protection Bureau, lenders, title insurers and settlement agents were required to comply with a new, nearly 1,900-page rule book designed to improve transparency and accuracy in real estate and mortgage transactions for home buyers and refinancers. The regulations impose potentially heavy penalties on lenders that get their cost estimates wrong or fail to deliver accurate disclosures to consumers on prescribed timelines at application and closing.

Moody's Report Indicates HFAs Will Continue to Experience Strong Financial Performance  

https://www.ncsha.org/blog/moodys-report-indicates-hfas-will-continue-experience-strong-financial-performance
Moody's Investors Service (Moody's) recently-released HFA financial medians report concludes that HFA financial profiles demonstrated solid improvement in FY 2014. The report predicts that national wage growth and lower unemployment, which have caused an increase in household formations, will enable HFAs to retain their strong financial positions in the future. The report also notes that if and when the Federal Reserve increases interest rates, HFA financial portfolios should receive an additional boost as HFA products become more attractive than conventional loans and HFA investments generate increased earnings.

HUD Secretary Castro to Answer Questions about Millennials and the Housing Market: Register for the Town Hall

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HUD Secretary Julián Castro and realtor.com ® Chief Economist Jonathan Smoke will answer questions about millennials and the housing market on October 26 at 6 p.m EST in a live, virtual town hall meeting. Millenials & the Housing Market is free to attend, and registration is required.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 15, 2015

VHDA’s Guiding Principles of Homeownership Offers Tips to Maintain Your Property [Part 2]

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Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about making timely payments and avoiding predatory lending.

Make timely payments
To maintain a good credit rating, it is essential to make your payments when they are due. Late payments, missed payments or other defaults on your account will be reported to the credit reporting bureau. This can adversely affect your ability to obtain credit at a later date.

Beware of predatory lending
Predatory lending comes in many forms. This abusive practice occurs when a lender makes a mortgage loan to someone who does not have the income to repay it; finances the highest possible loan amount without regard to the borrower’s ability to repay the amount; hides or inadequately explains fees, costs or rates being charged; imposes excessive fees or packs extras into the loan, such as credit life insurance or disability insurance; falsifies information on the loan application or inflates real estate appraisals to get the loan approved; and lends in connection with home improvement scams.

After your loan has closed, you probably will receive multiple solicitations by phone and mail for debt consolidation, credit cards and second mortgages. You might consider consulting a housing counselor to discuss your options before agreeing to any of these offers. To find a counselor in your area, call 800-569-4287 or TDD 800-877-8339.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 14, 2015

Beyond Bricks and Sticks

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A weekly digest of current trends in housing and community development. The discussion examines topics from infrastructure to community fabric.

Southwest Virginia towns revitalize by emphasizing their assets

(RECAP: Things finally might be changing for the better in Pulaski, where town efforts and deep-pocket investors have helped spur some redevelopment after years of neglect and failed revitalization efforts. Other communities across the region also have found ways to leverage public and private investment to bring back town centers and jobs.)

Using Public Land to Defray the Cost of Affordable Housing

(RECAP: The process of financing, developing and constructing affordable housing can be long, arduous and expensive. The cost of land makes up a large percentage of total development costs; by partnering with developers to utilize the value of public land in their financial strategy, the development of mixed-income and affordable homes is more financially feasible.)

Is Your Municipality Prepared to Handle Controversial Zoning Decisions?

(RECAP: Dealing with “not in my back yard” zoning issues can be challenging for many municipalities. Whether it is wind turbines, apartments or landfills, each municipality should have a process or plan in place to deal with handling these often controversial requests.)

15 Creative New Designs For Solving The Urban Housing Crisis

(RECAP: From floating houses to super-skinny ones, here's how cities of the future can reimagine how they build to accommodate growing populations.)

Opinions on Housing                                                        

The views and opinions expressed in Opinions on Housing are solely those of the original authors, and do not necessarily represent those of VHDA, our stakeholders or any/all contributors to this blog.

How a Housing Program Can Save Medicaid Money

(RECAP: Social impact bonds have already helped state and local governments leverage private and philanthropic funds to pay for homeless services. Now a group of researchers believe the same mechanism could fund housing mobility services -- where a housing authority helps poor families on rental vouchers move from a high-poverty, high-crime neighborhood to a low-poverty, low-crime one with better public schools.)

October 13, 2015

In Case You Missed It: A Look at Recent National Housing Policy News

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House Passes Bill to Delay Enforcement of New Mortgage Disclosures

http://www.nationalmortgagenews.com/news/regulation/house-passes-bill-to-delay-enforcement-of-new-mortgage-disclosures-1062998-1.html
The House voted 303 to 121 to pass a bill that would delay enforcement of new mortgage disclosures that went into effect on Oct. 3.  The Homebuyers Assistance Act would shield lenders from private litigation as well as regulatory enforcement actions during a five month period.  The legislation attracted significant Democratic support despite a veto threat by President Obama. "This is a bipartisan bill. It provides security for those who act in good faith in trying to implement the most dramatic changes in our real estate disclosure laws in a decade," said House Financial Services Committee Chairman Jeb Hensarling.


Corker and Warner at BPC: GSE reform just isn’t going to happen soon

Credit sharing does not take the place of reform
http://www.housingwire.com/articles/35271-corker-and-warner-at-bpc-gse-reform-just-isnt-going-to-happen-soon
Seven years after Fannie Mae and Freddie Mac were placed into conservatorship, there is still a lack of consensus on how to reform the GSEs.   Two panels hosted by the Bipartisan Policy Center explored GSE reform, including the primary issue of conservatorship and bringing in private capital, with a focus on risk-sharing — specifically “front-end” versus “back end” — and looked more broadly at how to make housing finance more sustainable.


Standoff Between HUD and Inspector General Flares Up

http://www.nationalmortgagenews.com/news/origination/standoff-between-hud-and-inspector-general-flares-up-1062905-1.html
The clash between the Department of Housing and Urban Development and its inspector general over down payment assistance programs run by state or local housing finance agencies continues to heat up.  In an audit released by HUD's Office of Inspector General, the watchdog said that Fremont, Calif.-based LoanDepot is charging higher interest rates on Federal Housing Administration-insured loans. The premium pricing is used to cover some of the costs of down payment assistance provided by the Golden State Finance Authority, according to the report which is dated Sept. 30.  "The funds derived from a premium priced mortgage may never be used to pay any portion of the borrower's down payment," wrote Tanya Schulze, an auditor for the HUD IG based in Los Angeles.

VHDA’s eBook for Renters

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VHDA is pleased to announce that we've published a new eBook for renters, entitled, "How to be a Successful Renter."

Our Housing Education staff members developed the publication with input from many industry partners, including HUD, Virginia Fair Housing Office of Richmond, DHCD, Legal Aid Society of Eastern Virginia and other housing partners. We appreciate their valuable feedback.

The eBook is free to download from our website. Get the eBook

We invite you to share the eBook with anyone you know who is currently renting or thinking about it. (And, if you know someone looking for rental housing in Virginia, be sure to tell them about VirginiaHousingSearch.com, the comprehensive rental housing search site where renters search for free, and landlords list properties for free, anywhere in the state.)
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 8, 2015

VHDA’s Guiding Principles of Homeownership Offers Tips to Maintain Your Property [Part 1]

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Now that you have bought your new home, you might be wondering, “What’s next?” VHDA’s Guiding Principles of Homeownership provides important information about maintaining your property. This information is aimed at keeping you on the right track. Here are a few tips about budgeting.

Budget for monthly expenses
Budgeting is an important part of successful homeownership. As a new homeowner, you may be paying for utilities — such as gas, electricity, trash pickup and water/sewage — for the first time. Your budget should include the necessary funds to cover these monthly expenses so you don’t experience having these services disconnected.

Budget for emergencies
Because you are not renting anymore, you will not have a landlord to call if problems arise. You are now responsible for paying for repairs to your home. It is very important to have an emergency fund set aside for any repairs or replacements that might become necessary.

Avoid the temptation to make major purchases on credit
It is too easy to accumulate more debt than one can afford. If you are borrowing money or obtaining credit, shop around for the best loan or credit terms. Better yet, save up for major purchases such as furniture or appliances. Remember, everything you buy on credit has to be paid back with interest. Be careful to avoid charging major purchases that carry a high interest rate.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

October 7, 2015

Beyond Bricks and Sticks

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A weekly digest of current trends in housing and community development. The discussion examines topics from infrastructure to community fabric.


The Other Affordable Housing Crisis

(RECAP: Trailer park evictions are a crisis affecting a critical but widely ignored segment of affordable housing. The recovering real estate market is likely to put a growing number of these communities at risk.)

‘Artful bike racks’ bring public art to Lynchburg

(RECAP: Merging beauty with practicality, four “Artful Bike Racks” recently have been installed in Lynchburg’s downtown.)

New toolkit spotlights local policies and programs that further fair housing

(RECAP: While there’s growing consensus that we need to do more as a country to address racial and economic segregation and grow more inclusively, it’s been less clear how we do it. NHC’s new Inclusive Communities Toolkit clarifies the how-to.)

Survey Finds Homebuyers’ Needs For Accessible Housing Are Unmet

(RECAP: Families that include individuals with disabilities say they have difficulty finding housing to meet their needs and real estate agents are often ill equipped to help. In response, Century 21 announced the development of a Special Agent Learning Program that will provide its agents with access to information and resources on accessible housing and universal design for people with disabilities.)

Opinions on Housing                                                                      

The views and opinions expressed in Opinions on Housing are solely those of the original authors, and do not necessarily represent those of VHDA, our stakeholders or any/all contributors to this blog.

Who Needs to Be Invited to the Affordable Housing Planning Meeting?

(RECAP: “Inclusionary housing policies are not asking developers to resolve an area’s affordable housing problem,” writes Rick Jacobus, the author of a new report on inclusionary housing, “rather they’re asking them to be responsible for the economic impacts of their development.”)

October 6, 2015

In Case You Missed It: A Look at Recent National Housing Policy News

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Shutdown Averted

https://www.ncsha.org/blog/government-shutdown-averted
Late September 30, President Obama signed a continuing resolution (CR) funding government programs through December 11, thereby forestalling a government shutdown. Both the Senate, by a vote of 78 to 20, and the House of Representatives, by a vote of 277-151, passed the CR earlier that day.  While the CR is considered to be "clean," and does not include controversial language defunding Planned Parenthood or other major policy changes, it does include a 0.21 percent across-the-board reduction to discretionary spending programs to stay within the FY2016 budget caps as set by the Budget Control Act (BCA) of 2011.

Obama signs funding bill to avert government shutdown

http://thehill.com/homenews/administration/255569-obama-signs-funding-bill-to-avert-government-shutdown
President Obama signed a stopgap spending bill Wednesday to avert a government shutdown, the White House said.  Obama put his signature on the measure, which funds federal agencies through Dec. 11, just hours before a midnight deadline to keep the government open.   “With today’s bipartisan vote, Congress has taken a step away from the brink,” White House press secretary Josh Earnest said in a statement. “But the American people deserve far better than last-minute, short-term legislating.”  The bill is intended to buy more time for Obama, Senate Majority Leader Mitch McConnell (R-Ky.), outgoing Speaker John Boehner (R-Ohio) and Boehner's successor to reach a comprehensive, long-term budget pact.

HOME Coalition Advocacy Materials

https://www.ncsha.org/resource/home-coalition-advocacy-materials
The HOME Coalition works to increase awareness about the HOME Investment Partnerships Program (HOME), its importance to the development and provision of affordable housing, and the need for funding.  HOME provides grants to state and local governments to produce affordable housing for low-income families.  Since 1990, over 1.1 million units of housing have been produced with HOME funds.  HOME funds have helped an additional more than 283,000 families through tenant-based rental assistance.  HOME funds are a vital and unique source of financing for numerous affordable housing developments—many of which would not be possible without HOME assistance.  HOME uniquely empowers states and localities to respond to the housing needs they judge most pressing, including affordable housing production and rehabilitation, preservation, rental and homeownership assistance, and disaster recovery response.
https://www.ncsha.org/homecoalition

NAR president: Realtors ready for TRID, but grace period welcome, Says challenges still ahead

http://www.housingwire.com/articles/35247-nar-president-realtors-ready-for-trid-but-grace-period-welcome
The new TILA-RESPA Integrated Disclosure rule goes into effect on Oct. 3, and the National Association of Realtors thinks its members will be ready.  That said, they are extremely grateful that the Consumer Financial Protect Bureau is implementing an informal hold harmless grace period.  While the grace period offered by the CFPB is undefined, Congress will be voting on a bill next week to formalize the grace period through the end of 2015.

Free Fair Housing Seminar in South Boston

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The Southeast Rural Community Assistance Project, Inc. (SERCAP), a HUD-approved Local Housing Counseling Agency (LHCA), and the Virginia Fair Housing Office will present a free fair housing seminar to educate the public about fair housing laws in Virginia. The seminar will be from 11:45 a.m. to 4 p.m. Monday, Oct. 19, at the Southern Virginia Higher Education Center located at 820 Bruce St. in South Boston.

Topics covered will include History of Virginia Fair Housing Law, Exemptions in the Law, Restrictive Covenants and Retaliation and Compulsive Hoarding.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.

New Workforce Housing Loans

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When it comes to financing workforce housing, one size does not fit all. Each locality has its own unique housing needs. Developers and local governments need to choose the financing that works best for their community, and now they have more options for doing just that, thanks to VHDA's expanded Mixed-income and Mixed-use/Mixed-income programs.

Our Workforce Housing program requires a percentage of units be reserved for residents whose annual income does not exceed limits, and our new options now allow for a broader range of incomes. In fact, it's now possible to obtain a VHDA Workforce Housing loan even when 80% of the financed units have unrestricted income.

Another advantage is that all of VHDA's Workforce Housing loans can be used to finance a property regardless of whether it includes a commercial or retail component.

For details about our new Workforce Housing loans, including pie charts illustrating each of our loans, visit vhda.com/WorkforceHousing. Or, email VHDA's Director of Rental Housing Development, Dale Wittie.
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October 1, 2015

AHF to Induct Four New Members Into Hall of Fame

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VHDA's Director of Low-Income Housing Tax Credit Program Jim Chandler is one of four champions for the affordable housing industry at the local, state and federal levels who will be inducted into the Affordable Housing Finance Magazine’s Affordable Housing Hall of Fame this year.

Here’s what the magazine had to say about Jim. “Chandler has served four decades at the Virginia Housing Development Authority, starting as a construction cost analyst and moving through several positions until he reached the Low-Income Housing Tax Credit (LIHTC) side. For the past 18 years, he has been the director of the state’s LIHTC program, which he has helped to shape and encourage green building. He will retire in February.”

Jim and the other three inductees will be featured in the October issue of Affordable Housing Finance and will be recognized at AHF Live: The 2015 Affordable Housing Developers Summit, which will be Nov. 18-20 at the Fairmont Millennium Park in Chicago.
© 2013 VHDA, All Rights Reserved. Please Review the Terms of Use and Privacy Policy.