VMLA 2018 Annual Convention – Special Offer for First-time Attendees

Join us at VMLA’s Annual Convention

Sept. 20 – 21, 2018 • Hilton Norfolk The Main

The Virginia Mortgage Lenders Association (VMLA) annual convention is a great place to build your network and learn about issues impacting the mortgage industry. Be sure to stop by VHDA’s booth, and drop your business card in our bowl — you’ll be registered to receive news updates from VHDA and be entered in our drawing to win an awesome prize! For details about the convention, visit VMLA’s website.

First time attending?
Here’s your chance to win: 
As an event sponsor, VHDA will provide four first-time attendees with complimentary VMLA convention registration, plus hotel room for the night of Thursday, Sept. 20. One winner each will be selected by random drawing from the Central, Western, Hampton Roads and Northern Virginia regions. Submit your entry at vhda.com/VMLA.

ENTRY DEADLINE:
Tuesday, August 21, 2018 at 5 p.m. ET

Arlington Senior High-rise Gets New Lease on Life

What happens when an aging, deteriorating apartment building that houses low-income seniors reaches the twilight of its useful lifespan? Culpepper Gardens in Arlington, Virginia, was in just such a predicament, but its story will have a happy ending, thanks to VHDA and multiple partner organizations. 

VHDA has struck an agreement with Arlington Retirement Housing Corp., Wesley Housing Development Corp. and Virginia Community Development Corp. – among other entities – to give this eight-story apartment tower a top-to-bottom upgrade. VHDA is providing $27 million in bridge and permanent financing for the renovation, in addition to Housing Credits (also known as Low-Income Housing Tax Credits, or LIHTC).

VHDA is serving as primary lender for the deal, which proved to be even more complex in scope than most that the authority participates in. “Wesley Housing, VCDC, Arlington County and so many others really pulled together with us to make this a reality,” said Scott Charnock, senior development officer for VHDA’s Rental Housing division. “Their cooperation was outstanding, and it just goes to show what teamwork can accomplish.”

A ceremonial kickoff for the project was held on April 12, 2018. When renovations are complete in two years, the complex will have 129 efficiency, 74 one-bedroom and seven two-bedroom apartments – an increase of four over the current total. The average age and income of Culpepper Garden’s tenants is 77 years and $18,000. The renovations will cause minimal disruption to residents; they will be temporarily relocated within the complex itself while their apartments are being worked on.

Culpepper Garden was built in 1975, and its upgrades will be cosmetic as well as functional. Apartments will be repainted and receive new flooring, plumbing fixtures, appliances, cabinets and countertops. The building’s roof and windows will be replaced, as will its plumbing, heating and air conditioning systems. Its elevators will be updated and new sprinklers will be installed, and common areas such as the kitchen and laundry will be reconfigured and improved.

The Culpepper Garden renovation will ensure that hundreds of low-income seniors enjoy improved living conditions in a safer, more comfortable environment – all without changing their address. 

Learn more about Culpepper Garden.

Going the Extra Mile to Serve the Underserved

One day they might lead a continuing education session for real estate agents. The next, meet with one or more of VHDA’s 86 approved lending agents. The day after that, they could participate in a trade show for the public or a professional group. They’re VHDA’s business development officers (BDOs) – professionals with mortgage banking backgrounds who help our partner organizations and the public understand and take full advantage of our many services. 

To better reach those who live in underserved areas, VHDA has moved to a regional BDO deployment model. Our officers are now located in all four of the state’s primary population centers: Central Virginia, Hampton Roads, Northern Virginia, and Western Virginia. According to Business Development and Training Manager Dan Kern, in VHDA’s Homeownership division, this model is making a world of difference.

“In speaking to our stakeholders, they greatly appreciate the fact that our BDOs are now embedded in the community,” Kern said. “They’re more visible and accessible than in the past, and that means they’re better able to interact with the people we serve.”

Here is the contact information for our four business development officers. Please feel free to reach out to them directly if they can be of assistance.

• Northern Virginia: Regina Pinkney | Regina.Pinkney@vhda.com  | 804-510-9122

• Central Virginia: Joni Moncure | Joni.Moncure@vhda.com  | 804-840-7049

• Hampton Roads: Gigi Houchins | Georgette.Houchins@vhda.com  | 804-389-5680

• Western Virginia: Frank Webster | Frank.Webster@vhda.com  |  804-762-3078

How a Place to Learn Became a Place to Live

The school was built in 1909 but closed its doors in the 1970s. Converted to apartments a decade later, the building soon fell into neglect, sitting abandoned and vacant, an eyesore contributing nothing to the neighborhood’s welfare. But then VHDA joined forces with Community Preservation and Development Corporation (CPDC), and all that changed.

Today the former Highland Park High School on Richmond’s North Side is called Highland Park Senior Apartments, and it’s become a vibrant part of the community. The apartments themselves, as well as the building’s common areas, elevators and landscaping, have been fully renovated, with attention paid to restoring many of its historic features and finishes. Its 77 one-bedroom units offer an attractive and comfortable environment for low-income seniors. In fact, the complex is an important part of an ongoing effort to revitalize Highland Park and make it a safer, more economically viable neighborhood. 

VHDA’s role in this property transformation was to award Housing Credits (also known as Low-Income Housing Tax Credits) to CPDC, a Maryland-based company with a track record of success in Virginia, Washington, D.C. and its home state. The project falls under the Department of Housing and Urban Development’s Rental Assistant Demonstration (RAD) program, which allocates funds to address deferred maintenance issues in deteriorating buildings. RAD is a central part of HUD’s rental housing preservation strategy to improve, modernize and stabilize properties by giving them a solid financial foundation.

The renovation of Highland Park, made possible only through VHDA’s partnership with CPDC, received the Multifamily Renovation Project of the Year award at the 2018 Viridiant Sustainable Leadership Awards ceremony.

Learn more about Virginia properties that use federal Housing Credits (LIHTC).