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Virginia Housing Trust Fund

Virginia Housing Trust Fund. An Update to the Housing Policy Work Group and Advisory Committee September 24, 2012 Virginia Department of Housing and Community Development. Overview. Budget Item 108 G directed $7 million in FY 2014 to the Virginia Housing Trust Fund

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Virginia Housing Trust Fund

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  1. Virginia Housing Trust Fund An Update to the Housing Policy Work Group and Advisory Committee September 24, 2012 Virginia Department of Housing and Community Development

  2. Overview • Budget Item 108 G directed $7 million in FY 2014 to the Virginia Housing Trust Fund • This one-time allocation relied on budget language; it required no changes in provisions of the state code • DHCD and VHDA will administer the Fund collaboratively • The DHCD and VHDA plan outlining proposed uses of the Fund must be submitted to the Chairmen of the House Appropriations and Senate Finance Committees by November 1, 2012

  3. Key Provisions • At least 80 percent of the Fund must be used as flexible financing for low-interest loans through eligible organizations • Loans are to be structured to maximize leveraging opportunities • Loans are to be repaid to the Fund

  4. Key Provisions Eligible uses for this 80 percent include: • Affordable rental housing – new construction,rehabilitation, acquisition • Down payment and closing cost assistance for homebuyers • Short, medium and long term loans to reduce the cost of homeownership and rental housing

  5. Key Provisions Up to 20 percent of the Fund may be used for grants for targeted efforts to reduce homelessness, including: • Temporary rental assistance, not to exceed one year • Housing stabilization services in permanent supportive housing • Mortgage foreclosure counseling – targeting localities with the highest foreclosure rates • Pre-development assistance for permanent supportive housing and long-term housing options for the homeless

  6. Key Provisions Organizations eligible for funding: • Localities • Local government housing authorities • Regional or statewide housing organizations assisting low- and moderate-income Virginia citizens • Limited liability companies created for the express purpose of owning and operating affordable housing

  7. The Plan – Input Sources • Meeting with stakeholder groups • Series of seven regional input sessions at six locations during July and August with almost 250 participants • Annandale, Charlottesville, Fredericksburg, Hampton, Richmond (2) and Roanoke • Meeting with interested state agencies • Social Services, Corrections, Criminal Justice Services, Behavioral Health and Developmental Services, Board for People with Disabilities, DMAS, Aging and Rehabilitative Services, DHCD and VHDA • 30-day comment period, which ended on August 31, included data from an on-line survey and written comments

  8. The Plan – Input Session Perspectives • Acknowledge parameters set by the amount of funds available and other requirements in the budget • Use the opportunity to provide flexibility in possible uses and program designs addressing varied local circumstances and project types • Design loan components that balance fund sustainability and increases in affordable housing for very low income residents • Address housing for identified high-need populations, including priorities addressed in the Housing Policy Framework, Continuum of Care, Homeless Outcome Plan and elsewhere: • DOJ Settlement, persons with disabilities, the chronically homeless, veterans and the very low income

  9. The Plan – Input Session Perspectives • Examine possible impacts on foreclosure issues • Explore options that further reduce homelessness • Consider opportunities for temporary rental assistance • Focus on projects/programs with the potential to provide desired outcomes for areas of critical housing needs within reasonable time frames • Look for opportunities to leverage additional monetary and non-monetary resources

  10. Initial Issues Identified • Prioritization, targeting, depth of subsidies • Matching assistance to identified needs • Exploring the allocations and interactions among grant and loan components • Relating the Trust Fund to ongoing housing and homeless policy efforts as well as other initiatives with critical housing components • Formalizing the structure and operation of the Trust Fund to best meet its intended purposes

  11. Possible Plan Elements • Support a limited number of demonstration projects in different geographic areas that effectively address identified priority housing needs including: • Affordable, accessible housing options for persons with special needs, effective responses to homelessness, and both foreclosure counseling and opportunities for the purchase of available foreclosed properties. • Where possible, look for opportunities to employ both grant and loan components of the Trust Fund. • Focus on proposals with measurable outcomes that can make effective and timely use of Trust Fund resources

  12. Next Steps • Completion and review of draft Plan • Submission of the Plan • Consideration of other budget or legislative inputs • Preparation for implementation by coordinating agencies • Program startup in FY 2014 (July 1, 2013)

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