As of June 30, 2016, VHDA has financed more than 195,122 home loans, including 5,130 in FY16.
We've financed more than 157,180 rental units, including 4,489 during FY16.
We've helped more than 207,470 Virginians prepare for homeownership through our free homebuyer classes, including 16,047 who took the class in FY16.
As an independent authority, VHDA receives no state tax dollars for its programs and operations. Traditionally, we have raised capital through the issuance of bonds. However, because of the federal government’s intervention in the mortgage markets, VHDA has been raising capital by securitizing most of its homeownership loans through Ginnie Mae and Fannie Mae. The multifamily program continues to be financed through bonds.
VHDA mortgages are designed with the first-time homebuyer in mind, including options for down payment financing. Borrowers can have confidence in the quality of our loans; VHDA has never engaged in sub-prime lending. And, we service our own loans right here in Virginia.
VHDA's Rental Housing Division provides financing to for-profit and non-profit developers of affordable, quality rental housing. We finance new construction, mixed-use/mixed-income developments; and rehabilitation of older properties. Most projects involve multiple layers of financing, with funds coming from VHDA taxable and tax-exempt bonds, federal Low-Income Housing Tax Credits (which VHDA administers), and other sources such as historic tax credits. To ensure the best combination of resources and financing, VHDA offers developers our planning and consulting services.
Since VHDA's Homeownership Education program began in 1993 ...
In addition to financing rental housing, VHDA has several programs in place to help renters and property managers, and to ensure there are quality, affordable housing options for Virginians who choose to rent:
What does REACH Virginia stand for? Resources Enabling Affordable Community Housing in Virginia.
What is REACH Virginia? It's one of the most important financial resources we have to fund our mission. It provides funding for many of our programs – providing grants to housing counselors, revitalizing communities, making homes more accessible, helping first-time homebuyers make the down payment, increasing capacity for our nonprofit partners, addressing homelessness, and so much more.
Each year, VHDA contributes a significant portion of our net revenues into the REACH Virginia fund to help meet Virginia's most critical housing needs. In the early years of the fund, we allocated 15% of our net revenue to the fund; then raised it to 20% in FY15. Starting in FY17, we will increase our contribution to 40% of our net revenue. Since we began the REACH Virginia fund in FY06, VHDA has contributed $189.5 million to support more than $1.86 billion in programs.
Below is a list of VHDA's leadership as of June 30, 2016. You can also view VHDA's current leadership.
The ability to be a needs-driven company is critical to the success of our mission. VHDA’s advisory groups serve as communication forums that provide us with critical stakeholder information that enhances our awareness of what is happening in the marketplace. These groups include:
Offices in Richmond (headquarters), Glen Allen and Wytheville, Va.
Since our creation in 1972 by the Virginia General Assembly, VHDA has helped Virginians attain quality, affordable housing through public-private partnerships with local governments, community service organizations, lenders, developers and others. We provide mortgages for first-time homebuyers, as well as financing for apartment communities and neighborhood revitalization efforts. We teach free homebuyer classes, support housing counseling, and help people with disabilities and the elderly make their homes more livable. We also administer the federal Housing Choice Voucher and Housing Credit programs in Virginia. VHDA is self-supporting and receives no state taxpayer dollars to fund its programs. Instead, we raise money in the capital markets, and we contribute a significant portion of our net revenues each year to help meet Virginia’s housing needs.
Learn more at vhda.com:
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