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Subject: FW:Fall2016Updates-VHDAeNewsDate: Tuesday,November8,2016at5:38:14PMEasternStandardTime

From: SuzieBird

From:VHDA-VirginiaHousingDevelopmentAuthority<vhdanewslePer@vhda.com>Reply-To:SuzieBird<communicaUons@vhda.com>Date:Monday,November7,2016at12:53PMTo:SuzieBird<suzie.bird@vhda.com>Subject:Fall2016Updates-VHDAeNews

Fall 2016 | News from VHDA

VHDA's Fall UpdateSusan Dewey, Executive Director of VHDA

Greetings, and a happy autumn to all of our housing partnersacross the Commonwealth! Here's a quick update fromVHDA with some highlights from our Homeownership, RentalHousing and Community Outreach divisions - as well assome news about our Board of Commissioners. Enjoy!

Homeownership News

Faster Processing for MCCs VHDA handles huge amounts of data every day, so anytime we can streamline processes is a cause forcelebration. The success of our Mortgage CreditCertificate (MCC) program created additional demands forour staff. By partnering with VHDA's SoftwareDevelopment team, we were able to create a solution toexpedite the MCC Commitment process to help ourlenders meet scheduled closings timelines without delays.

Working together, they created an automated transfer of data from the MortgageCadence loan origination system to the MCC system, reducing the time requiredfor manual data entry. Now, instead of having to type in dozens of fields,information appears automatically, and the MCC team simply reviews it foraccuracy. This is a great time-saver, enabling us to process more MCCs faster andmore efficiently for the first-time homebuyers who are counting on them. Learn more about Mortgage Credit Certificates

Down Payment Assistance Update VHDA's Down Payment Assistance grant continues to beextremely popular. During our fiscal year 2016, almostone-third of the more than 5,000 homebuyers whoreceived VHDA mortgages took advantage of our DownPayment Assistance grant. In addition, many of our grantrecipients received a Mortgage Credit Certificate, makingtheir home purchase even more affordable. Since grantrecipients meet the MCC requirements, we encourageVHDA lenders to offer the MCC to all borrowers whenapplying for the grant. Learn More

Did You Know? VHDA supports Habitat for Humanitychapters in Virginia by providing all phases ofloan servicing, including customer service,escrow analysis and loss mitigation. Our pro-bono servicing provides substantial savings toHabitat chapters each year, enabling them tobuild more affordable housing across Virginia.We also provide office space, supplies andphone service at no cost for Habitat's statewidedevelopment office. VHDA associates work withlocal Habitat chapters and participate in volunteer builds every year. Learn More

VHDA has helped more than 207,000 peopleprepare for homeownership through our free First-time Homebuyer class. The class is available inEnglish and Spanish, in classrooms around the stateor online. Learn More

To make our affordable mortgagesavailable in underserved areas likeSouthwest Virginia, the Eastern Shore,Northern Neck and Southside Virginia,where access to VHDA-approved lenders islimited, our loan originators hit the road inour Mobile Mortgage Office vans. Learn More

Rental Housing News

Upgrades for Senior Apartments

Representatives from VHDA, Hopewell Redevelopment & Housing Authority,Community Housing Partners and Virginia Community Development Corporationjoined Mayor Brenda Pelham for a ceremony to dedicate a major upgrade for theKippax Place senior apartments in Hopewell. This is one example of how VHDAworks with our partners to improve affordable rental housing through the HUDRental Assistance Demonstration (RAD) program. Other properties benefiting fromthe program include Oyster Point Place, Brighton and Cypress Terrace in NewportNews; Oldtown Terrace, Pretlow Apartments and Berkley Court in Franklin.

Housing Credits for Accessible,Supportive HousingVHDA administers federal Housing Credits in Virginia (also known as LIHTC, orLow-Income Housing Tax Credits). These tax credits provide incentives todevelopers to provide affordable housing to meet critical housing needs in thestate. Part of Virginia's Housing Credit allocation includes a special pool set asidefor Accessible Supportive Housing, or ASH. The ASH pool is intended fordevelopments in which at least 25 percent of units:

Serve people with disabilities. Meet federal accessibility standards. Have a federal project-based subsidy.

Recipients are usually permanent supportive housing communities, where housingis combined with services for the residents. These communities serve vulnerablepopulations such as the homeless and people with physical, mental ordevelopmental disabilities. The ASH pool is proving to be helpful in meetingDepartment of Justice requirements to offer more housing options to Virginiansliving with developmental disabilities.

VHDA's Board of Commissioners recentlyapproved Housing Credits from the ASH poolto be awarded to five developments:

Upper Street Apartments in DanvilleAngelwood at Westmoreland inWestmoreland CountyCarlton Neighborhood Housing inCharlottesvilleOld Forest Village in LynchburgAlleghany Apartments in Clifton Forge

Learn More About Housing Credits

Multifamily Loan Program UpdatesVHDA's Rental Housing Division sends periodic updates via email tomultifamily developers, property managers and others involved inmultifamily development and financing. These emails are our primarymethod of communication with our stakeholders and include vitalinformation, such as:

Changes to existing programs.New loan programs.Modifications to processes and procedures.Changes to loan underwriting practices and policies.

To receive these email updates, just sign up.

Community Outreach News

Partners in Revitalization VHDA and the Department of Housing andCommunity Development (DHCD) havebeen working in partnership to addresshousing revitalization and communitydevelopment around the state. Here aresome recent examples:

VHDA supports DHCD's VibrantCommunities Initiative (VCI). Ourstaff recently took part in a series ofDHCD-sponsored meetingsthroughout Virginia to educatepotential applicants about VHDAprograms that complement VCI.

We're also partnering with DHCD and officials in Pulaski to transformtheir historic downtown. DHCD is supporting visioning and planning, asVHDA works with a local developer to structure a mixed-use/mixed-incomeapproach to the revitalization efforts.

Putting Our MoneyWhere Our Mission Is The REACH Virginia fund was created byVHDA more than 10 years ago to help addressVirginia's most critical housing needs, and weare now contributing 40 percent of our netrevenues into this fund. It's the financialfoundation for many of our programs - providinggrants to housing counselors, revitalizingcommunities, making homes more accessible,helping first-time homebuyers with the downpayment, increasing capacity for our nonprofitpartners, addressing homelessness, and somuch more.

Here are two examples of grants we administer, which are made possible by theREACH Virginia fund:

VHDA's Community Impact Grant helps promote large-scale housing andrevitalization efforts at the local level. We recently awarded a grant toPiedmont Housing Alliance to support the planned transformation of theFriendship Court rental community in Charlottesville into a mixed-use/mixed-income community. This grant program is also helping the NorthernShenandoah Valley Regional Commission conduct a regional housinganalysis, as they plan ways to address affordable housing needs in the area.

VHDA's Capacity Building Grant helps Virginia nonprofits and localgovernments increase their capacity to create, preserve and manageaffordable housing, bring new housing services to underserved areas,implement community revitalization projects, set up or strengthenlocal/regional collaborations and support critical housing policies, such asending veteran homelessness. We recently launched an online applicationprocess for this grant.

Learn More About VHDA Grants

Other News

NCSHA AwardsVHDA was presented with two awards at the 2016 AnnualConference & Showplace of the National Council of StateHousing Agencies (NCSHA). One was in the category ofCreative Media, for our animated video, MCCs MadeSimple. The other was in the category of ManagementInnovation, for our Rapid Rental Loan Refinancing &Retention program.

Learn More

Board UpdatesWe are pleased to announce that Governor McAuliffe has made threeappointments to our Board of Commissioners to fill current vacancies:

Clarissa McAdoo Cannion of Suffolk, former Executive Director, SuffolkRedevelopment and Housing Authority

Thomas A. Gibson, PMP, LEED AP BD+C of Arlington, Project Director,Winn Development and 1st LT USMCR

David E. Ramos of Fairfax, Vice President / Regional Multicultural BankingOfficer, BB&T Bank

We bid farewell to Doug Fahl, Margie Leon and Dick Ashe. We wish them well intheir new endeavors, and appreciate the wonderful service they have provided toour board.

Vist VHDA's website for more details about VHDA's Leadership.

News from Housing VirginiaHousing Virginia is a partnership of organizations and people working to helpensure that all Virginians have access to quality, affordable housing. VHDA'sExecutive Director, Susan Dewey, is one of the founders of Housing Virginiaand an active board member. Learn more on Housing Virginia's website.

Stay in Touch With VHDACan't wait for our next newsletter? Subscribe to our BLOG and use the linksbelow to keep up with VHDA on social media.

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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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