E-ffordable News Articles
December 1, 2017
Residences at Government Center Receives Best Affordable Development Award at Virginia Governor’s Housing Conference
On November 16, 2017, The Residences at Government Center was awarded the Best Affordable Development Award at the 2017 Virginia Governor’s Housing Conference. The award, accepted by Fairfax County Braddock District Supervisor John Cook, is the third this year for the workforce housing community.
Next Affordable Housing Advisory Committee Meeting is January 5, 2018
The next meeting of the Affordable Housing Advisory Committee (AHAC) is scheduled for Friday, January 5, 2018 from 9:30 a.m. to Noon at the Fairfax County Government Center in Conference Rooms 9 and 10.
Fairfax County is committed to nondiscrimination on the basis of disability in all County programs, services and activities. Special accommodations will be provided upon request. For information call 703-246-5101 or TTY 711.
FCRHA Approves Changes to the Housing Choice Voucher Program
On November 2, 2017, the Fairfax County Redevelopment and Housing Authority (FCRHA) approved changes to the Housing Choice Voucher (HCV) program that will impact most participants. These changes are an effort to ensure that as federal funding decreases and rental prices increase, the FCRHA can continue to serve all families currently receiving HCV assistance.
In September, the FCRHA informed participants of potential changes that could impact how the agency calculates their share of rent paid to a landlord. Based on feedback received from many participants via several community outreach sessions, the FCRHA amended previously proposed changes to lessen the financial impact on families.
A RAD-ical Change for Affordable Housing in Fairfax County
Over 1,000 Public Housing Units Converted under HUD’s “RAD” Program
The Fairfax County Redevelopment and Housing Authority (FCRHA) made a transformative change in the way it delivers affordable housing to families with lower incomes. The Authority converted its entire portfolio of 1,060 units to project-based vouchers under the U.S. Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program.
Over the years, federal funding for the Public Housing program has steadily decreased, making it increasingly difficult for Public Housing Authorities (PHAs), like the FCRHA, to ensure properties remain in good condition. Converting Public Housing units under RAD gives the FCRHA access to more stable funding from HUD to make needed improvements to properties. The program also makes it easier to borrow money and use low income housing tax credits (LIHTCs) as well as other forms of financing to help preserve these important affordable housing communities.
Total Number of Affordable Housing Units Preserved Reaches 3,000
Three Times the Board of Supervisors’ Original 2004 Goal
Preservation of affordable rental housing has long been a concern of the Board of Supervisors and the Fairfax County Redevelopment and Housing Authority (FCRHA). In 2004, the Board of Supervisors launched its Affordable Housing Preservation Initiative, calling for the preservation of 1,000 affordable housing units.
During County Fiscal Year 2017, the Fairfax County Department of Housing and Community Development and the FCRHA used federal HOME Investment Partnerships Program and Community Development Block Grant (CDBG) funds, as well as County funds, to preserve a total of 214 units via the financing of purchases by nonprofit affordable housing providers and the FCRHA. This meant that from April 2004 through June 2017, a total of 3,000 affordable housing units were preserved in Fairfax County. This is three times the Board of Supervisors’ original 2004 goal of preserving 1,000 units.
Bryan Hill Appointed County Executive Effective Jan. 2
The Fairfax County Board of Supervisors today appointed Bryan Hill as county executive, effective Jan. 2, 2018. Hill is currently the James City County, Va., administrator and clerk to its Board of Supervisors. He replaces Edward L. Long, who retired in September. Kirk Kincannon is currently serving as acting county executive.
“The Fairfax County Board of Supervisors is pleased to welcome Bryan Hill to Team Fairfax,” says Board of Supervisors Chairman Sharon Bulova. “Bryan brings impressive leadership, management, communications and budget experience to the table, and we look forward to working alongside him. Fairfax County is on a great track, and we are confident Bryan will continue to build upon a foundation of excellence for both our workforce and county residents.”
VA Governor McAuliffe Announces Release of Study Addressing the Impact of Housing on Virginia’s Economy
Report provides independent analysis designed to build on the Commonwealth’s momentum in addressing housing challenges
On November 17, 2017, Virginia Governor Terry McAuliffe announced the release of a new independent study focused on Virginia’s housing sector and the links between housing and other key policy areas. Based on independent analytic findings, the report found that the Commonwealth has a shortage of housing that is affordable to a substantial share of households, and Virginia needs to produce significant levels of new affordable housing to accommodate anticipated workforce growth.
FHA Releases 2017 Annual Report to Congress
The Federal Housing Administration (FHA) released its 2017 Annual Report to Congress on the economic condition of the agency’s Mutual Mortgage Insurance Fund (MMI Fund). FHA reports that at the end Fiscal Year (FY) 2017, the MMI Fund had a total economic net worth of $25.6 billion and the Capital Ratio remains above the statutory minimum for a third straight year.
The MMI Fund supports FHA’s Single Family mortgage insurance programs, including all forward purchase and refinance transactions, as well as mortgages insured under the Home Equity Conversion Mortgage (HECM) or reverse mortgage program originated since FY 2009. While the MMI Fund remains above its minimum capital level, both the economic net worth and the capital ratio of the MMI Fund declined from levels reported last year. The Fund’s economic net worth fell $1.9 billion and the capital ratio declined from 2.35 to 2.09 percent from FY 2016.