Virginia Housing, formerly the Virginia Housing Development Authority (VHDA), is a self-supporting organization created by the

Commonwealth of Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

in 1972, to help Virginians attain quality affordable housing.

Mortgages A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pur ...

are funded by bonds issued by Virginia Housing, not by taxpayer dollars, and are available for homebuyers and developers of quality rental housing. The group teaches free

homeownership Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. The home can be a house, such as a single-family house, an apartment, c ...

classes, and helps people with disabilities and the elderly make their homes more livable. Virginia Housing works with lenders, developers, local governments, and community service organizations.

Funding sources

Each year, Virginia Housing raises funds through the

capital markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

to support lending for single family and multifamily loan programs. Investors purchase Virginia Housing securities and loans, and this, in turn, generates their principal source of capital. These securities do not constitute a debt or obligation of the Commonwealth.

Organizational structure

Virginia Housing is a quasi-government agency. The governor appoints an 11-member Board of Commissioners. However, the authority is self-supporting and does not use tax dollars to fund its lending programs. Tammy Neale, its Chief Executive Officer since 2024, heads a leadership team of twelve divisional managers. Virginia Housing has more than 300 full-time associates.

References

External links

Virginia Housing website
Organizations based in Richmond, Virginia 1972 establishments in Virginia Organizations established in 1972 Housing organizations in the United States {{nonprofit-org-stub