FY 16
Report to the Community




Virginia's Housing Partnership

Message from Susan Dewey, Executive Director of VHDA

Message from Susan Dewey


FY16 Quick Summary Report:


FY16 Quick Summary Report


As of June 30, 2016, VHDA has financed more than 195,122 home loans, including 5,130 in FY16.

FY16 Quick Summary Report


We've financed more than 157,180 rental units, including 4,489 during FY16.

FY16 Quick Summary Report


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.







Financial Statement


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.






Homeownership Lending


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.


FY16 Homeownership Lending Report:

  • During FY16, VHDA disbursed funds for 5,130 single family loans for a total of $952 million.
  • 65 percent of loans were to households making less than 80 percent of median income.
  • 34 percent of loans were made to minorities.


Buying Your First Home with a VHDA Mortgage - Testimonial







Rental Housing Lending


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.


FY16 Rental Housing Lending Report:

  • During FY16, VHDA provided financing for 4,489 units for a total of $370 million.
  • 74 percent of the units targeted households with incomes less than 60 percent of the Area Median Income.






Homeownership Education

FY16 Homebuyer Education Report

Since VHDA's Homeownership Education program began in 1993 ...

  • A total of 207,470 people have taken VHDA's free First-time Homebuyer class, including 16,047 during FY16.
  • 112,541 people took the class in person, in classrooms throughout Virginia, including 5,206 who took the class during FY16.
  • 94,929 people opted to take the class online, including 11,021 during FY16.






Supporting Quality, Affordable Rental Homes


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:

  • The Housing Choice Voucher Program. This is a HUD program administered by VHDA to help low-income families, the elderly and people with disabilities by providing all or a portion of their rental payments. Vouchers can be used to help pay rent for a house, apartment or mobile home where the landlord has agreed to participate in the program. Vouchers are distributed by VHDA (in areas not served by a local housing authority) through a network of agencies. During FY16 we served 9,091 families who received assistance through a Section 8 voucher subsidy.
  • Connecting Landlords and Tenants. VHDA sponsors the state's most comprehensive online database of available rental housing, VirginiaHousingSearch.com. There is no charge for landlords to list properties, or for tenants to search by location, cost or amenities. As of June 30, 2016, the number of rental units listed on the site exceeded 114,000.
  • Quality Matters. Rental properties should be well-managed, for the sake of tenants and the value of the surrounding neighborhood. VHDA's Certified Management Agent program was created to set high standards among property managers. As of June 30, 2016, this program had resulted in 122 Certified Management Agents, managing a total of 87,044 units at 934 properties.






REACH Virginia: How VHDA Supports the State's Critical Housing Needs


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.


FY16 REACH Virginia Report:

  • During FY16, VHDA financed more than $93.2 million in loans and grants, using more than $35 million in REACH subsidy.



Other Ways We Serve


Accessible Rental Housing


  • Don Ritenour Charity Golf Classic - This annual tournament sponsored by VHDA has raised more than $2 million since the first one was held in 1993. The tournament is named after its founder, VHDA's former Managing Director of Development. Our 2016 event raised $105,000, benefitting six different charities and one Habitat chapter: A-SPAN of Arlington, Family Crisis Support of Norton, Housing Families First (formerly Hilliard House of Richmond), Micah Ministries of Fredericksburg, Stop Inc. of Norfolk, The Laurel Center of Winchester, and Peninsula and Greater Williamsburg Habitat for Humanity.
  • Pro-bono Habitat for Humanity Servicing - VHDA provides servicing at no cost for 1,294 home loans for 37 Habitat for Humanity Virginia affiliates. This saves more than $110,000 each year, which Habitat can use to build more affordable housing in Virginia.
  • The Virginia Housing Directory - A listing of housing-related resources available on VHDA's website.
  • VHDA's Volunteer Council - This team of associates provided many opportunities to serve our community this year, including Habitat for Humanity builds, blood drives and food drives, to name a few.
  • Granting Freedom - This grant program provides funds to help Virginia's disabled veterans make their homes more accessible. VHDA administers the grant in partnership with the Department of Veterans' Affairs and Department of Housing and Community Affairs. Details at vhda.com/GrantingFreedom.

Grant Money for Disabled Veterans in Virginia


VHDA Leadership


Below is a list of VHDA's leadership as of June 30, 2016. You can also view VHDA's current leadership.


VHDA Board of Commissioners

  • Timothy M. Chapman, Chairman
  • Sarah B. Stedfast, Vice Chairman
  • H. Richard Ashe
  • Lemella Y. Carrington
  • Douglas R. Fahl
  • Manju Ganeriwala, Ex-officio (State Treasurer), Henrico County
  • Kit Hale
  • Marjorie N. Leon
  • Charles C. McConnell
  • Shekar Narasimhan, Ex-Officio (DHCD Board Member), McLean
  • William C. Shelton, Ex-officio (Director, DHCD), Richmond


VHDA Organizational Leadership

  • Susan Dewey, Executive Director
  • Llew Anderson, Managing Director of Executive Services
  • Barbara Blankenship, Managing Director of Human Resources
  • Art Bowen, Managing Director of Rental Housing
  • Paul Brennan, General Counsel
  • Julie Camus, Managing Director of Internal Audit and Risk Management
  • Pat Carey, Managing Director of Finance
  • Patrick Gluesing, Managing Director of Information Technology Services
  • Mike Hawkins, Managing Director of Community Outreach
  • Tammy Neale, Chief Learning Officer
  • Janet Wiglesworth, Managing Director of Homeownership


Advisory Boards

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:


About VHDA


About VHDA

About VHDA

About VHDA

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:


Helping Virginians Attain Quality, Affordable Housing


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