Virginia's Affordable Home Ownership Initiatives

Virginia is tackling the issue of affordable housing through various non-profits and the Virginia Housing Trust Fund, allocating funds to address the need for affordable rentals and home ownership in different parts of the state. However, challenges exist in providing support for rural areas due to certain rules governing fund allocation. Explore the efforts of organizations like Habitat for Humanity, Maggie Walker Community Land Trust, and others in promoting home ownership opportunities.

• Virginia
• Affordable Housing
• Home Ownership
• Non-profits
• Housing Trust

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Uploaded on Feb 22, 2025 | 0 Views

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Presentation Transcript

1. Proposed Home Ownership Pilot

2. The Housing Miracle in Virginia Whether you call it Affordable Housing or Workforce Housing or Housing Justice, housing is a bi-partisan concern in the Commonwealth!!!! The Commonwealth put $75 million into the Virginia Housing Trust Fund this year. The need for affordable rentals and affordable home ownership is great in every part of the State THANK YOU FOR YOUR HELP THROUGH THE TRUST FUND!

3. Some non-profits involved in Home Ownership 39 Habitat for Humanity affiliates Maggie Walker Community Land Trust Virginia Statewide Community Land Trust Better Housing Coalition Project Homes Piedmont Housing Alliance Community Housing Partners People Inc. HOME HOPE in Wytheville Southside Outreach Hope Community Builders in Harrisonburg Fluvanna Louisa Housing Foundation

4. ASNH Home ownership grants past 4 rounds (Not including ones announced last week) Greater Charlottesville Habitat (four times in 4 rounds) Maggie Walker Community Land Trust (twice in 4 rounds) Piedmont Housing Alliance (twice in 4 rounds) Fredericksburg Habitat Richmond Metro Habitat HC Builders Better Housing Coalition Roanoke Habitat New Road Community Dev Hanover HFH Project Homes Pathway Homes Alexandria Housing Dev Corp Community Housing Partners

5. Percentage of Trust fund going to home ownership 7% in the past four rounds 10% in the round announced last week

6. ASNH Home Ownership Grant locations

7. Why doesnt the Housing Trust Fund help home ownership in rural parts of Virginia? ASNH is the main way that non-profits that work in affordable home ownership can access the Trust Fund The ASNH rules make it difficult to use the funds for affordable home ownership in rural areas

8. Budget item proposal non-profits involved Habitat Virginia and affiliates Maggie Walker Land Trust HOPE in Wytheville People Inc. Community Housing Partners HOME Southside Outreach Fluvanna Louisa Housing Foundation

9. Budget item proposal We would like the Commonwealth to put $20 million into a pilot project for home ownership 400 homebuyers across Virginia $50,000 per house in forgivable mortgages, forgiven in 30 years First come, first served to home buyers that earn less than 60% of AMI and are working with a non-profit Non-profits would apply on behalf of homebuyers Impact would be mostly rural, because urban projects are eligible for ASNH Habitat Virginia would offer to administer, so DHCD does not have to deal with scattered homes.

10. Thank you for all the Housing Commission does!!!!!!!!!!!!!!!