Wrapping Up a Great Year - Virginia Housinghomeownership, we've published an update on VHDA's...
Transcript of Wrapping Up a Great Year - Virginia Housinghomeownership, we've published an update on VHDA's...
Subject: FW:HolidayGree/ngs&NewsfromVHDA-Dec.2016Date: Wednesday,December14,2016at10:41:19AMEasternStandardTime
From: SuzieBird
From:VHDA-VirginiaHousingDevelopmentAuthority<[email protected]>Reply-To:SuzieBird<communica/[email protected]>Date:Monday,December5,2016at4:23PMTo:SuzieBird<[email protected]>Subject:HolidayGree/ngs&NewsfromVHDA-Dec.2016
December 2016 | News from VHDA
Wrapping Up a Great YearSusan Dewey, Executive Director of VHDA
Season's greetings to all our friends and housing partners!As we close out another year, we want to thank you for allyou do to help us make quality housing affordable for somany Virginians. On behalf of all of us here at VHDA, I wisheach of you a happy and healthy holiday season, and we
look forward to our continued partnership in 2017.
We've created an animated holiday card for you.Please click the link below to see it, then scroll downfor our complete December update!
See the Animated Holiday Card
Year-End Highlights & Reports
Check Out VHDA's Annual ReportGet a quick look at the year'saccomplishments, and watch afun, animated "whiteboard" videonarrated by Susan Dewey! When youopen our Annual Report web page,just scroll down until you see thevideo with Susan and hit the "play"button! The page features two othervideos as well, that tell the stories ofa first-time homebuyer and adisabled veteran who benefited fromVHDA programs.
See the FY16 Annual Report & Video
VHDA Strategic Goals andREACH Virginia Fund UpdateVHDA is now contributing 40 percentof net revenues into our REACHVirginia fund each year to address thestate's most critical housing needs,plus an additional $30 million overthree years to create housing optionsfor people with developmentaldisabilities and help local housingauthorities with rental projects.
To give our stakeholders a look at howREACH Virginia funds are being usedto support state housing initiatives,address unmet rental housing needsand provide opportunities forhomeownership, we've published anupdate on VHDA's Strategic Goals andthe REACH Virginia Fund.
Read the Report
Homeownership News
Introducing a New Home LoanOffering Reduced Mortgage Insurance
VHDA's new home loan with reduced mortgageinsurance is available to first-time AND repeathomebuyers.
The VHDA Fannie Mae HFA Preferred with ReducedMortgage Insurance loan has some great benefits for
borrowers. Offering the lowest conventional mortgage insurance payments, thisloan is available for purchase or limited cash-out refinance transactions. It's eligiblefor VHDA's Down Payment Assistance (DPA) grant and Mortgage Credit Certificate(MCC) program. There is also flexibility on where the down payment can comefrom - acceptable sources include gifts, FNMA Community Seconds and VHDA'sDPA grant funds.
Lenders can visit our website for details including program benefits and guidelines,a video tutorial and a customizable flyer for sharing with clients.
Get the Details
Mortgage Credit Certificate UpdateVHDA's Mortgage Credit Certificate (MCC) program is turningout to be a great success. Since the beginning of 2016, weissued over 3000 MCCs, providing a federal tax credit toeligible homebuyers for every year they have their mortgageand live in their home. An MCC can significantly increase theaffordability of homeownership by reducing the borrower'sfederal taxes.
What kind of loans can be used with an MCC? MCCs can be used with mostVHDA home loan programs. MCCs can also be used with non-VHDA firstmortgages.
Learn More About MCCs
Rental Housing News
Mixed-Income CommunitiesFlexible Loan Program Allows More Economic Diversity
One of VHDA's strategic goals focuses on mixed-income communities. To helpencourage more economically diverse communities, VHDA has expanded ourmixed-use / mixed-income loan programs to offer more financing options for thesetypes of developments. Our program requires that a percentage of units must bereserved for residents whose annual income does not exceed certain limits, andthe rest may be rented to residents at any income level. This gives developers andlocal governments the flexibility they need to serve a wider range of income levels.
A great example of a mixed-income community is The Woodlands inCharlottesville. This new construction will offer 159 apartments, including a mix oftwo- and three-bedroom units, with two bathrooms in each -- these types of unitsare especially popular among families with children. The Woodlands will have 20percent of units reserved for households with incomes at 80 percent of areamedian income (AMI), and the rest will be unrestricted.
The goal of VHDA's mixed-income / workforce housing loan products is to servehouseholds with incomes that are generally between 60 and 150 percent of AMI.There is no affordable housing program specifically serving that segment of thepopulation -- and we can often accomplish our goal with little or no subsidy.
New mixed-income community coming to Charlottesville
Learn More > VHDA Mixed-use / Mixed-income Loans
Changes to the QAPHousing Credits (also know as Low-Income Housing TaxCredits) provide an incentive for private investors toparticipate in the construction and rehabilitation of affordable,
quality housing. In Virginia, the program is administered by VHDA. To ensure a fairprocess for determining which developments receive Housing Credits, VHDArefers to a Qualified Allocation Plan, or QAP.
The QAP was updated recently, after we received many useful comments andsuggestions during the QAP public comment period. Our Board of Commissionersapproved the QAP revisions on Oct. 5, 2016, and you can see the updates on ourwebsite at the link provided below. Questions? Call 804-343-5518 or email us.
See the QAP Updates
Community Outreach News
Walk to Help the Homeless Pathway Homes in Fairfaxrecently held their 2016 5k Walkto Help the Homeless. VHDAassociates were among hundredswho participated, raising morethan $50,000 for the mission.
VHDA has supported the work ofPathway Homes by providing acapacity building grant andfinancing through our rental loanprograms. The organizationprovides housing and supportiveservices to adults with serious mental illness and related disabilities. They currentlyserve more than 400 adults in community-based homes in Northern Virginia.
Building Homes for Virginia's HeroesThanks to the partnershipsbetween VHDA, DHCD, thecity of Hampton, and Habitatfor Humanity Peninsula andGreater Williamsburg, a localveteran and his youngdaughter now have a placethey can call home through theHabitat for Heroes program.
The veteran also received a Granting Freedomgrant, which is administered by VHDA to help disabled veterans make their homesmore accessible. A dedication ceremony was held on Veterans Day to celebratethe dream of homeownership coming true for this veteran and his family.
The Habitat for Humanity Peninsula and Greater Williamsburg chapter alsoreceived a funding award through VHDA's annual Don Ritenour Charity GolfClassic. VHDA associates also participated in a volunteer build on another housesponsored by this chapter.
Watch Video
Other News
2016 OutstandingYouth AwardVHDA and the Virginia Department ofHousing and Community Development(DHCD) sponsored the 2016 OutstandingYouth Award, which honors a young personwho has made a positive impact in theircommunity. Susan Dewey introduced thisyear's winner at the Governor's HousingConference.
Taylor, who lives in Virginia Beach, washonored for her work feeding the homeless, volunteering at her community'sannual health fair, preparing supply kits for those in need, and other acts ofkindness such as helping neighbors carry in their groceries -- all this whilemaintaining a 4.0 grade point average in school! Taylor was presented with a$1,000 check and a plaque. In addition, Taylor's development, Piper's LandingApartments, received a $200 check to be used for community improvementpurposes.
Learn More
Advisory Board Luncheon
On Dec. 1, VHDA hosted a holiday luncheon for our Advisory Board membersto celebrate another great year of partnership. Advisory Boards provide uswith actionable feedback, critical stakeholder information and insights onmarketplace developments. We are grateful for the important role they playin helping us achieve our affordable housing mission.
VHDA advisory boards include:
Homeownership Advisory BoardRental Advisory BoardNorthern Virginia Advisory CommitteeSupportive Housing Solutions Council
Stay in Touch With VHDACan't wait for our next newsletter? Subscribe to our BLOG and use the linksbelow to keep up with VHDA on social media.
The information contained herein (including but not limited to any description ofVHDA and its lending programs and products, eligibility criteria, interest rates,fees and all other loan terms) is subject to change without notice.
VHDA, 601 S. Belvidere St., Richmond, VA 23220
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