February 28, 2018
February 14, 2018
Brighter Future Unfolds for Fletcherville
VHDA’s Community Outreach Division and Strategic Lending Unit have teamed up with Fauquier County and not-for-profit Foothills Housing Corporation to provide some much-needed improvements in a rural Virginia community. Fletcherville is a neighborhood of 36 rental homes built in the 1960s and 70s, just outside of Warrenton, Va.
VHDA is providing a $30,000 Community Impact Grant from our REACH Virginia program to Fauquier County on behalf of Foothills Housing Corporation, which plans to purchase the entire Fletcherville property. This will enable them to preserve the neighborhood’s affordability and also address issues with wastewater disposal and renovations needed to make the homes more comfortable and energy-efficient for the families who live there. The grant is funded by VHDA’s REACH Virginia program, which channels a substantial portion of our net revenues to support many programs such as Fletcherville’s revitalization.

Fletcherville is not connected to Warrenton’s sewer system, and its drainfields have raised concerns about the safety of groundwater and Warrenton’s nearby reservoir. Foothills’ proposal would extend Warrenton’s sewer lines to all the homes. Another proposed improvement is replacing oil and gas heat with clean, energy-efficient electric heat pumps.
VHDA Director of Strategic Housing Chris Thompson said he’s pleased that Fauquier County will manage the grant for Foothills, because “it demonstrates Fauquier’s firm commitment to improving the lives of Fletcherville residents, safeguarding Warrenton’s water supply and making the region even more desirable as a place to call home.”
The VHDA grant will pay for an appraisal and environmental assessments that Foothills must submit to Virginia Community Capital, the lender providing initial financing for the acquisition. When that short-term loan matures, VHDA intends to offer long-term financing for the acquisition, home improvements and the sewer project. John Reid, Executive Director of Foothills, said, “VHDA’s very good terms for a loan make the whole project doable.”
The partnership with Fauquier County and Foothills is one way VHDA is working to preserve and promote affordable housing in underserved rural Virginia communities. We’ve also introduced Foothills to agencies they may tap for future loans and grants, such as USDA Rural Development, the Department of Housing and Community Development (DHCD) and the Southeast Rural Community Action Program. John Reid added, “VHDA has been wonderful to work with … bringing groups together on our behalf to fund these energy-efficient improvements.”
Foothills Housing Corporation was founded in 1970 with a mission to provide community wells in neighborhoods with little or no access to running water. Since then, it has expanded its scope and reach beyond plumbing and Fauquier County to make more safe, comfortable, affordable housing available to families and the elderly in many Virginia localities.
VHDA Director of Strategic Housing Chris Thompson said he’s pleased that Fauquier County will manage the grant for Foothills, because “it demonstrates Fauquier’s firm commitment to improving the lives of Fletcherville residents, safeguarding Warrenton’s water supply and making the region even more desirable as a place to call home.”

The partnership with Fauquier County and Foothills is one way VHDA is working to preserve and promote affordable housing in underserved rural Virginia communities. We’ve also introduced Foothills to agencies they may tap for future loans and grants, such as USDA Rural Development, the Department of Housing and Community Development (DHCD) and the Southeast Rural Community Action Program. John Reid added, “VHDA has been wonderful to work with … bringing groups together on our behalf to fund these energy-efficient improvements.”
Foothills Housing Corporation was founded in 1970 with a mission to provide community wells in neighborhoods with little or no access to running water. Since then, it has expanded its scope and reach beyond plumbing and Fauquier County to make more safe, comfortable, affordable housing available to families and the elderly in many Virginia localities.
February 13, 2018
In Case You Missed It: A Look at Recent National Housing Policy News
HUD FY 2019 Budget
Trump Administration Proposes 2019 HUD Budget
This HUD Administration press release focuses on its core priority of providing direct assistance to vulnerable populations, while proposing significant cuts to capital programs and stating the Administration’s commitment to the idea that “state and local governments are best positioned to address specific needs in their communities.”
Chart Book: Employment and Earnings for Households Receiving Federal Rental Assistance
The Trump Administration’s proposed budget has raised a major policy debate regarding the imposition of work requirements for recipients of federal rental assistance. This analysis by the Center for Budget and Policy Priorities (CBPP) exams data on the income and employment of current rent subsidy recipients to help gauge the potential impact of new requirements.Other Federal Policy News
Mortgage Choice Act Approved by House of Representatives
The House of Representatives has voted to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule.FHFA Finalizes 2018 to 2020 Goals for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FFHA) has published a final rule that establishes new single family and multifamily housing goals for Fannie Mae and Freddie Mac for 2018 through 2020 in accordance with the provisions of the Housing and Economic Recovery Act of 2008.
Rental Housing
MBA Projects 2018 Maturing Commercial/Multifamily Mortgage Volume to Drop 42%
A large share of commercial mortgages carry a maturity of 10 years. 2017 marked the end of the “wall of maturities” for loans closed during the housing boom. Now, 2018 will see a steep fall off in maturities as the smaller number of loans closed during the 2008 financial crisis mature.Homeownership
Mortgage Servicers Prepare for Next Natural Disasters
2017 provided a wake-up call to the mortgage servicing industry, which saw a sharp spike in mortgage delinquencies and foreclosures in the areas affected by hurricanes and wildfires. A summary of lessons learned and issues to be addressed in mortgage servicing disaster preparedness planning.Market Trends
Redfin: Affordable Inland Metros Drew Migrants from High-Cost Coastal Markets
Online real estate firm Redfin.com reports that migration patterns in the fourth quarter saw people in expensive, high-tax coastal markets such as San Francisco, New York, Los Angeles and Washington search for homes in more affordable metros with lower taxes. This confirms the out-migration pattern seen recently in Census Bureau and Weldon Cooper Center (UVA) estimates of population change in Northern Virginia.February 6, 2018
In Case You Missed It: A Look at Recent National Housing Policy News
GSE Reform
Fannie-Freddie Bill includes Billions for Affordable Housing
A Senate bill to reform Fannie Mae and Freddie Mac, the result of discussions between Tennessee Republican Bob Corker and Virginia Democrat Mark Warner, would devote billions of dollars to boosting home ownership among lower-income borrowers. The draft gives the clearest view yet into how the senators aim to woo progressive politicians to back their plan. Support from those Democrats is likely needed to meet the 60-vote threshold for passing major bills in the Senate.GSE Reform Bill Could be Congress’s Last Chance
In this op-ed interview, MBA CEO David Stevens discusses his views on key provisions of the draft legislation and the importance of moving a bill forward.Rental Housing
LIHTC Market Faces “Mild Turbulence” Ahead
Investors and developers in the Low-Income Housing Tax Credit (LIHTC) market are adapting to a dramatic drop in pricing over the past year and expecting more uncertainty ahead. The main concern is that demand for tax credits could diminish once institutional investors calculate the full impact from the Tax Cuts and Jobs Act. However, investors have not yet hit the pause button. They still have ample capital available and a desire to buy tax credits.Work Requirements and Housing: What We Don’t Know Could Hurt Us
It is now considered likely that the Administration’s HUD budget proposal will authorize PHA’s to impose work requirements on abled-bodied recipients in federal rental assistance programs. This Urban Institute blog post exams what is known as well as what is not known about the impact of work requirements in low-income housing programs.Homeownership
Manufactured Homes Could Ease the Affordable Housing Crisis. So Why Are So Few Being Made?
This Urban Institute blog post provides a brief overview of the manufactured housing industry’s impact on the affordable housing market over the past 40 years, and looks at the potential for manufactured housing to again play an important role in meeting affordable housing needs.
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