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A SPECIAL ADVERTISING INSERT Partnerships transform communities (continued)


CONTINUED FROM PAGE 7 Virginia Housing also played match-


maker, connecting Carroll County’s Industrial Development Authority with North Carolina-based developer The Landmark Group, which specializes in adaptive reuse of historic proper- ties. The Landmark Group is going to update the gym and lease it back to the county for $1 per year to use as a community recreational facility.


Private sector role Nonprofits and government agencies


can’t do all the work, though. Tony Thompson, founder and CEO of the National Association of Minority Mort- gage Bankers of America (NAMMBA), works to increase the engagement of minorities and women in the mortgage


banking industry at the local, state and national level. “By using our network to connect more housing professionals and increasing lending in communities of color, we help more people attain affordable housing,” Thompson says. “When we had our first meeting


with Virginia Housing, we became very excited about their leadership, commitment and mission to get more minorities in both the real estate and mortgage industries.” Virginia Housing is supporting NAMMBA’s initiatives to introduce college students to the mortgage industry and to help the now 30-city organization to open chapters in Richmond and Tidewater. “While we’re just launching this partnership, we have exciting things planned.” Virginia Housing is partnering with the


Home Builders Association of Virginia (HBAV) for innovations in housing. R. Craig Toalson, HBAV CEO says, “We represent the private sector. If we are going to work toward answering the need for affordable housing, nonprofits can’t do it alone. The private sector has to be involved.” When looking at affordable hous-


ing, he says it helps to consider all the price points along the way – land, materials, labor, fees, regulations, time – and figure out how you can creatively address each of them. “We want to be part of the solution.


Let’s get everybody at the table and figure it out,” he says. “If we’ve learned anything, we have to think differently. The world is changing around us. Inno- vation is good, and let’s embrace it.”


Innovative financing for affordable homes Virginia Housing, its partners and


others in the housing and finance industry are answering the call in new and different ways.


Tapping the Housing Credit program “When I think of innovation in


Michael Cao of George Mason Mortgage, LLC, and Joni Moncure (right), a Virginia Housing Business Development Officer, helped Donetta Williams (center) buy her first home.


To build apartments or houses


for those making 80% of the area median income (AMI) (workforce housing) or low-income housing (60% AMI or less), developers need help. To rent or purchase those units or homes, low-to-moderate income individuals and families need help.


8 VirginiaHousing.com | September 2020


affordable housing, mitigating the cost of construction is first in mind,” says Art Bowen, Managing Director of Virginia Housing’s Rental Housing division. The most popular method of inno-


vative financing is the competitive 9% federal Housing Credit program. The credit allows developers to


claim 9% of a project’s qualified cost basis every year for 10 years to help with construction or acquisition. A more readily available 4% credit is also possible and comes with less stringent application requirements than the 9% credit, but, it requires more resources to fill the gap.


There’s a limit on the 9% fed-


eral credits states can receive, and through a points system, Virginia Housing – which administers the program for the Commonwealth – ensures only quality developments receive them. More recently, Virginia Housing


has used “twinning” – combining the limited 9% and abundant 4% credits


Kasey Bennett, a police officer, and her husband, Matthew, purchased their home in Virginia through an innovative new program called Community Heroes.


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