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December 2016 |
News from VHDA
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Wrapping Up a Great Year
Susan 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 all you do to help us make quality housing affordable for so many Virginians. On behalf of all of us here at VHDA, I wish each 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 down for our complete December update!
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Year-End Highlights & Reports
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Check Out VHDA's Annual Report
Get a quick look at the year's accomplishments, and watch a fun,
animated "whiteboard" video narrated by Susan Dewey! When you open our Annual Report web page, just scroll down until you see the video with Susan and hit the "play" button! The page features two other videos as well, that tell the stories of a first-time homebuyer and a disabled veteran who benefited from VHDA programs.
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VHDA Strategic Goals and
REACH Virginia Fund Update
VHDA is now contributing 40 percent of net revenues into our REACH Virginia fund each year to address the state's most critical housing needs, plus an additional $30 million over three years to create housing options for people with developmental disabilities and help local housing authorities with rental projects.
To give our stakeholders a look at how REACH Virginia funds are being used to support state housing initiatives, address unmet rental housing needs and provide opportunities for homeownership, we've published an update on VHDA's Strategic Goals and the REACH Virginia Fund.
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Introducing a New Home Loan
Offering Reduced Mortgage Insurance
VHDA's new home loan with reduced mortgage insurance is available to first-time AND repeat homebuyers.
The VHDA Fannie Mae HFA Preferred with Reduced Mortgage Insurance loan has some great benefits for borrowers. Offering the lowest conventional mortgage insurance payments, this loan is available for purchase or limited cash-out refinance transactions. It's eligible for VHDA's Down Payment Assistance (DPA) grant and Mortgage Credit Certificate (MCC) program. There is also flexibility on where the down payment can come from - acceptable sources include gifts, FNMA Community Seconds and VHDA's DPA 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.
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Mortgage Credit Certificate Update
VHDA's Mortgage Credit Certificate (MCC) program is turning out to be a great success. Since the beginning of 2016, we issued over 3000 MCCs, providing a federal tax credit to eligible homebuyers for every year they have their mortgage and live in their home.
An MCC can significantly increase the affordability of homeownership by reducing the borrower's federal taxes
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What kind of loans can be used with an MCC?
MCCs can be used with most VHDA home loan programs. MCCs can also be used with non-VHDA first mortgages.
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Mixed-Income Communities
Flexible Loan Program Allows More Economic Diversity
One of VHDA's strategic goals focuses on mixed-income communities. To help encourage more economically diverse communities, VHDA has expanded our mixed-use / mixed-income loan programs to offer more financing options for these types of developments. Our program requires that a percentage of units must be reserved for residents whose annual income does not exceed certain limits, and the rest may be rented to residents at any income level. This gives developers and local governments the flexibility they need to serve a wider range of income levels.
A great example of a mixed-income community is The Woodlands in Charlottesville. This new construction will offer 159 apartments, including a mix of two- and three-bedroom units, with two bathrooms in each -- these types of units are especially popular among families with children. The Woodlands will have 20 percent of units reserved for households with incomes at 80 percent of area median income (AMI), and the rest will be unrestricted.
The goal of VHDA's mixed-income / workforce housing loan products is to serve households with incomes that are generally between 60 and 150 percent of AMI. There is no affordable housing program specifically serving that segment of the population -- and we can often accomplish our goal with little or no subsidy.
New mixed-income community coming to Charlottesville
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Housing Credits (also know as Low-Income Housing Tax Credits) provide an incentive for private investors to participate in the construction and rehabilitation of affordable, quality housing. In Virginia, the program is administered by VHDA.
To ensure a fair process for determining which developments receive Housing Credits, VHDA refers to a Qualified Allocation Plan, or QAP.
The QAP was updated recently, after we received many useful comments and suggestions during the QAP public comment period. Our Board of Commissioners approved the QAP revisions on Oct. 5, 2016, and you can see the updates on our website at the link provided below.
Questions? Call 804-343-5518 or
email us
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Walk to Help the Homeless
Pathway Homes in Fairfax recently held their 2016 5k Walk to Help the Homeless. VHDA associates were among hundreds who participated, raising more than $50,000 for the mission.
VHDA has supported the work of Pathway Homes b
y providing a capacity building grant and financing through our rental loan programs. The organization provides housing and supportive services to adults with serious mental illness and related disabilities. They currently serve more than 400 adults in community-based homes in Northern Virginia.
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Building Homes for Virginia's Heroes
Thanks to the partnerships between VHDA, DHCD, the city of Hampton, and Habitat for Humanity Peninsula and Greater Williamsburg, a local veteran and his young daughter now have a place they can call home through the Habitat for Heroes program.
The veteran also received a
Granting Freedom
grant, which is administered by VHDA to help disabled veterans
make their homes more accessible.
A dedication ceremony was held on Veterans Day to celebrate the dream of homeownership coming true for this veteran and his family.
The Habitat for Humanity Peninsula and Greater Williamsburg chapter also received a funding award through VHDA's annual Don Ritenour Charity Golf Classic. VHDA associates also participated in a volunteer build on another house sponsored by this chapter.
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2016 Outstanding Youth Award
VHDA and the Virginia Department of Housing and Community Development (DHCD) sponsored the 2016 Outstanding Youth Award, which honors a young person who has made a positive impact in their community.
Susan Dewey
introduced this year's winner at the
Governor's Housing Conference
.
Taylor, who lives in Virginia Beach, was honored for her work feeding the homeless, volunteering at her community's annual health fair, preparing supply kits for those in need, and other acts of kindness such as helping neighbors carry in their groceries -- all this while maintaining 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 Landing Apartments, received a $200 check to be used for community improvement purposes.
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Advisory Board Luncheon
On Dec. 1, VHDA hosted a holiday luncheon for our Advisory Board members to celebrate another great year of partnership. Advisory Boards provide us with actionable feedback, critical stakeholder information and insights on marketplace developments. We are grateful for the important role they play in helping us achieve our affordable housing mission.
VHDA advisory boards include:
- Homeownership Advisory Board
- Rental Advisory Board
- Northern Virginia Advisory Committee
- Supportive Housing Solutions Council
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Stay in Touch With VHDA
Can't wait for our next newsletter? Subscribe to our BLOG and use the links below to keep up with VHDA on social media.
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The information contained herein (including but not limited to any description of VHDA and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice.
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