Subject: FW:SpringUpdate-NewsfromVHDADate: Thursday,May18,2017at7:46:24PMEasternDaylightTime

From: SuzieBird

New life is brewing at the old Prices Fork School.

VHDA's New Rural Housing Advisory Council

VHDA sponsored the Northern Virginia Housing Expo in March.Associates were on hand to share rental and homeownership

info with area residents.

From:VHDA-VirginiaHousingDevelopmentAuthority<vhdanewsleOer@vhda.com>Reply-To:SuzieBird<communicaTons@vhda.com>Date:Wednesday,April26,2017at2:27PMTo:SuzieBird<suzie.bird@vhda.com>Subject:SpringUpdate-NewsfromVHDA

Spring 2017 | News Updates from VHDA

Proof of Housing's Impact on VirginiaSusan Dewey, Executive Director of VHDA

We already knew it, and now we have an official study to proveit: Housing is huge for Virginia's economy! The study I'm talkingabout was commissioned by the Governor's Housing Policy

Advisory Council, and conducted by a coalition of state universities includingVirginia Tech, George Mason, VCU and William & Mary. The first part of theresearch was completed last year and showed that housing contributed $47.8billion dollars to Virginia's economy, including $23.3 billion in value added to grossstate product, $14.2 billion in labor income, and more than 314,000 jobs. Thismakes housing the sixth largest private sector industry in the Commonwealth!

The researchers are also looking at other housing-related topics, such asrevitalization and development, transportation, workforce issues, health andeducation. We expect the full study to be completed in the summer or fall of thisyear, and it will be available at the Governor's Housing Conference. As part of thestudy, the universities also created this infographic.

We also have news from our Homeownership, Rental Housing and CommunityOutreach divisions, and a brand new Rural Housing Advisory Council, whichjust had their first meeting! Please scroll down for our full report.

Creating Opportunities for Homeownership:

VHDA Promotes "Loan Combo" in New Ads

What's a VHDA Loan Combo? It's an affordable VHDAmortgage, PLUS a down paymentgrant, PLUS an MCC homebuyer taxcredit, PLUS our free homebuyer'sclass! VHDA offers the only loans inVirginia with this combination ofmoney-saving benefits.

To get the word out to Virginia homebuyers, we've launched a statewide adcampaign. Ads are now running on TV, radio, social media and the internet, withthe following call to action: "Ask your lender if you qualify for a LOAN COMBOfrom VHDA!" Consumers who see our ads are directed to a landing page atvhda.com/LoanCombo, where they can use our Find-A-Lender tool to get intouch with a VHDA-approved lender. We anticipate that consumers will ask forour Loan Combo by name as they see startto see our ads.

Watch our "Loan Combo" TV spot >>

Addressing Unmet Rental Needs:

Commissioners Take Affordable Housing Road Trip

Each year, VHDA's Board of Commissioners holds a retreatin a different geographic region of Virginia to showcase theCommonwealth's diverse housing needs. On April 2 - 4, theBoard met at the Morrison House in Old Town Alexandria.

During their retreat, Board members had the opportunity to learn about some ofthe housing challenges in the region, visit some properties designed to addressthese housing needs, and meet some of VHDA's housing partners. Boardmembers took a bus tour to see properties that were financed by VHDA and/orreceived tax credits from VHDA.

"Alexandria has some of the highest housing costs in Virginia, with a median rent65 percent higher than the national average," according to VHDA Director ofCompliance and Asset Management Neal Rogers. "The properties we visited onthe bus tour are great examples of how VHDA, along with our local partners, helpmake housing affordable for working families in Northern Virginia."

Commissioner Tour Highlights:

Commissioners visited several properties includingChatham Square, a mixed-income community thatblends tax credit units with market-rate units.

The Station at Potomac Yard is a mixed-use /mixed-income property that received financing andtax credits from VHDA. It has a fire station on thefirst floor and residents with income limits at 60% ofArea Median Income (AMI) for tax credits and 150%AMI for VHDA financing.

A Partner Success Story: Former School Graduates to Vibrant, Mixed-useCommunity, Complete With Brewery

Opportunity to grow affordable housing in Virginia isdeeply rooted in partnerships. The Prices Forkcommunity in Montgomery County is a stellar example.It began as a historic revitalization and renovation of a

former elementary school, with plans to convert classrooms into 16 affordableapartments for people 55 years and older. Since then, the project has poweredinto a multi-partner effort that's expected to drive economic growth in the area.

VHDA and the VirginiaDepartment of Housing andCommunity Development(DHCD) have joined forces withthe New River Valley RegionalCommission, HOME Consortiumand Montgomery County Boardof Supervisors to expand thedevelopment into a mixed-usecommunity including a farm-to-table restaurant, brewery and food incubator (space for entrepreneurs in the foodbusiness). VHDA will provide a Mixed-use / Mixed-income loan, part of a REACHVirginia program designed to combine commercial and residential spaces with anemphasis on revitalization. Work is expected to be finished by year's end.

"When complete, this will be the place to be -- a signature establishment that willcater to a number of community needs and also serve as a regional attraction,"said Chris Thompson, director of strategic housing at VHDA.

According to Thompson, VHDA and DHCD have a long history of working togetherto build communities. In this case, the team also relied on the VibrantCommunities Initiative (VCI), which allows applicants seeking financing to applyfor a variety of VHDA and DHCD resources all at once with a single application,rather than having to submit multiple applications to each agency. This singleapplication may even open the door for funding at a higher level than wouldnormally be available through multiple individual applications.

Thompson added that the Prices Fork project is "transformational" and a greatexample of how multiple entities can get things done when they work together."This has really been a team effort. It has been amazing to see the opportunitiesalign for this project as it has evolved," said Thompson.

More about Prices Fork >>

Addressing State Housing Needs:

Rural Housing Advisory Council Holds First Meeting

VHDA relies on ouradvisory boards andcouncils to provideguidance and expertiseabout housing issues inVirginia. The newest ofthese is the RuralHousing AdvisoryCouncil, which hadtheir first meeting onApril 19, 2017. We arevery pleased to be working together with this new group. Their input will beinvaluable in helping VHDA provide the programs and services needed most inour rural communities.

Learn More >>

Regional Focus: Meet VHDA's Northern Virginia Team

Virginia's housing needsvary across the state. Tobetter understand andaddress those needs,VHDA is increasing ourregional presence byhaving associates live andwork outside of theRichmond and Wythevilleareas where our officesare located.

VHDA currently has fourassociates located inNorthern Virginia, working to increase opportunities for affordable homeownershipand rental housing in the area and participating in community outreach effortssuch as the recent Northern Virginia Housing Expo, which VHDA sponsored.

Meet the NoVa Team >>

Congressional Update: Affordable Housing Credit Improvement Act of 2017

In March, legislation was introduced that could increaseHousing Credit authority by 50 percent. If passed, this wouldbe a meaningful step toward addressing our nation's growingaffordable housing needs. It would strengthen the Housing

Credit (also called the Low-Income Housing Tax Credit, or LIHTC) by giving statesadditional flexibility, making the financing of affordable housing more predictableand streamlined, facilitating Housing Credit development in challenging markets,increasing the Housing Credit's ability to serve extremely low-income tenants, andsupporting the preservation of existing affordable housing.

The legislation would also support development of rental homes using theHousing Credit coupled with multifamily housing bonds (which provide criticalfinancing to roughly 40 percent of all Housing Credit apartments).

Learn More >>

Brainstorming Affordable Housing

About 100 professionalsfrom the housing industrymet last month in BotetourtCounty to help prime the pumpof housing development in thearea. A study commissioned bythe county shows that whilenew jobs are coming into town,there is a lack of affordablehousing for the people who willbe taking those jobs. The housing summit brought together landowners, banksand developers to discuss possible solutions.

The keynote speaker for the event was Kit Hale, a member of VHDA's Board ofCommissioners as well as principal broker at MKB Realtors and chairman ofHousing Virginia.

Learn More >>

Governor's Housing Conference 2017: Submit Your Ideas Now!

Each, year, the Governor's Housing Conference is packed full of educationalsessions led by experts in housing, finance and community development, plussome great networking opportunities with colleagues from across the state. Doyou have an idea for a topic you'd like to see covered? Proposals are now beingaccepted for this year's Governor's Housing Conference, scheduled for Nov. 15-17in Norfolk. Submit your suggestions online using the link below!

Submit Your Suggestion >>

Stay in Touch With VHDA

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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.

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