Today’s post originally appeared in VML’s Virginia Town and City Magazine.
Housing is the cornerstone of a strong economy, impacting everything from local school systems to the state’s business climate. That understanding is what led the Commonwealth of Virginia to create the Virginia Housing Development Authority (VHDA) in 1972. Since then, the self-supporting, not-for-profit organization has focused on the mission of helping Virginians attain quality, affordable housing.
The mission takes on many forms. Perhaps best known for affordable mortgages for first-time homebuyers, VHDA has also financed more than 152,600 rental units since its inception. The organization plays an active role in housing education, providing thousands of first-time homebuyer classes each year, and online educational resources for renters and homebuyers. VHDA also offers programs and grants to help people with disabilities and the elderly make their homes more livable.
The resulting economic impact is significant. Since its inception, VHDA’s lending investment in communities has supported more than 370,000 local jobs and contributed more than $27 billion to Virginia’s economy through local tax revenues and jobs.*
* Source: VHDA data; calculations based on formula developed by the National Association of Homebuilders.