This portal provides VBA member banks with resources and contacts to increase their work with and engagement in the funding and development of affordable housing in their communities.

Virginia Government Programs

Virginia Housing

Virginia Housing is a self-supporting organization created by the General Assembly in 1972 to help Virginians attain affordable housing. 

Contact or refer an individual to Virginia Housing for:

• Home Loans from Virginia Housing
• Become a Virginia Housing-approved lender
• First-time Homebuyer Education
• Referring a client to a HUD-approved housing counseling agency
• Down Payment Assistance
• Plus Second Mortgage Program
• Closing Cost Assistance Grants
• Virginia Housing Opportunity Credit

Questions? Contact the Virginia Housing team, or reach out to the VBA Government Relations team for an introduction.

The Virginia Department of Housing and Community Development

The Virginia Department of Housing and Community Development (DHCD) is a state agency providing financing and programmatic support for affordable housing and community and economic development initiatives.

Contact or refer an individual to DHCD for:

• Housing Repair and Energy Efficiency Programs
• Virginia Individual Development Accounts (VIDA) (program assisting prospective homebuyers with saving for a down payment on a home).
• Virginia Livable Home Tax Credit (LHTC) 
• Communities of Opportunity Tax Credit (COPCP)
• Virginia Housing Trust Fund

Questions? Contact DHCD, or reach out to the VBA Government Relations team for an introduction.

Federal Programs

• Contact the U.S. Department of Agriculture (USDA) Rural Development for homebuyer programs in rural communities.
• Federal Housing Administration (FHA) loans are affordable mortgage loan options for U.S. home buyers that are guaranteed by the FHA.
• VA-backed and VA direct Veterans home loans provide loans to veterans, service members, and their survivors to buy, build, improve, or refinance their homes.
• Low Income Housing Tax Credit, similar to the state-level Housing Opportunity Tax Credit, subsidizes the acquisition, construction, and rehabilitation of affordable rental housing for low- and moderate-income tenants. 
• Federal Home Loan Bank of Atlanta is a regional member-owned corporation that provides lending institutions with liquidity resources to finance housing and economic development activities, including first-time homebuyer programs.

Statewide and Regional Nonprofit and Community Housing Providers

Utilize the below resources to refer clients to housing providers and build partnerships between your organization and housing providers in your community.

Statewide:

• Habitat for Humanity constructs homes through volunteer labor and provides mortgages for single-family homes for low-income households.
• Local Initiatives Support Corporation (LISC) Virginia provides loans, grants, and equity investments to develop affordable housing and grow small businesses in underserved communities.
• The Virginia Community Development Financial Institutions (CDFI) Coalition serves as a collective voice to address issues concerning the unmet financial needs of Virginia communities by advocating for greater awareness of CDFI activities and operations.
• Virginia Community Development Fund (VCDF) provides alternative financing and technical assistance to real estate developers engaged in the creation or preservation of affordable housing.

Regional:

Charlottesville

• Piedmont Housing Alliance

Danville

• Southside Outreach Group

Eastern Shore

• Eastern Shore of Virginia Housing Alliance

Fredericksburg

• Central Virginia Housing Coalition

Hampton Roads

• Center for Community Development
• Housing Partnerships, Inc
• Hampton Roads Housing Consortium
• Virginia Beach Community Development Corporation

Northern Virginia

• Northern Virginia Regional Commission
• Affordable Homes & Communities
• True Ground
• Falls Church Office of Housing
• Alexandria Housing Programs and Partners
• Loudoun County Multi-Family Housing Loan Program
• ACTS Prince William

Petersburg

• Pathways

Richmond

• Better Housing Coalition, Inc.
• project: Homes
• Housing Opportunities Made Equal, Inc. (H.O.M.E.)

Roanoke Valley

• Total Action for Progress

Shenandoah Valley

• Blue Ridge Housing Network

Southwest Virginia

• Federation of Appalachian Housing Enterprise
• People Incorporated of Southwest Virginia

VBA Partners & Endorsed Providers

The VBA works with other advocacy, education, and trade groups to further our strategic plan priority of facilitating opportunities for member banks to connect with programs in affordable housing. Learn more about them, and VBA Endorsed Providers who can assist your bank in affordable housing projects, below.

VBA Partners

• Virginia Mortgage Bankers Association (VMBA)
• Virginia Housing
• Virginia REALTORS 
• Homebuilders Association of Virginia 
• Virginia Council on Economic Education

VBA Endorsed Providers

• VCDC: the only Virginia-based tax credit equity fund, VCDC has invested more than $675 million to help finance more than 9,000 affordable housing units in over 225 different communities in Virginia and its adjoining states.

Banks’ Impact on Affordable Housing, Trainings and Other Resources

This section includes articles, training, and industry spotlights on programs banks are successfully implementing to increase affordable housing in their communities.

Trainings:

• FreddieMac training series for loan officers, mortgage brokers, and housing professionals who want to close the homeownership gap for minority borrowers.

Articles:

• ABA Banking Journal on banks implementing affordable housing solutions to address racial equity.
• WealthManagement.com on banks focusing their CRA investment requirements on affordable housing.
• Office of the Comptroller of the Currency on the benefits of banks investing in and lending to LIHTC-financed projects.
• The Economic Times: BFSI on what’s driving banks to the affordable housing sector.
• Affordable Housing Finance highlights top-performing affordable housing lenders.

Other Industry Spotlights & Resources:

• The FDIC Affordable Mortgage Lending Guide organizes information about programs from federal, state, and FHL Banks to expand access to affordable mortgage credit to low- and moderate-income people and communities.
• OCC’s Project REACh Affordable Homeownership Workstream addresses the challenges minority individuals and families face when seeking to purchase homes.

American Bankers Association Resources

• The American Bankers Association’s American Housing Month Portal provides tools for bankers interested in expanding their work in affordable housing, as well as products and services related to mortgages, and consumer resources. 
• Unlocking Homeownership: Empowering Communities Through Housing Education - This industry-wide housing campaign calls on banks of all sizes to marshal available resources, talent, and capabilities to help increase homeownership education and counseling, so everyone can achieve the dream of owning a home.
• Affordable Housing Resources - This webpage is a comprehensive resource designed to equip bankers with the tools and knowledge they need to invest in affordable housing solutions locally throughout the year.