Richmond | Half-day summit explored solutions to housing-affordability crisis

Nonprofit organizations and agencies focused on housing affordability took part in a half-day summit earlier this week in Richmond hosted by U.S. Sen. Mark Warner.

The half-day summit brought an array of people together in an attempt to find solutions to address the national crisis.

Warner, the Virginia Association of Counties, Virginia Housing Alliance and Henrico County partnered on the “Keys to Housing Affordability” summit at The Westin Richmond on Sept. 8.

“Affordable housing isn’t just about buildings or budgets, it’s about people, families and communities,” said Warner.

“If we want communities to thrive, we’re going to need an ‘all-the-above’ approach to tackling the housing crisis. I was proud to host this summit today to bring Virginia’s best housing minds together and collaborate on real, tangible solutions.”

A number of panels delved into nonprofit efforts to address housing challenges, current housing market data and forecasts and smart local initiatives that are making a difference in places like Fairfax County, Henrico County and the town of Marion.

ICYMI

• Affordable housing crisis | U.S. Sen. Mark Warner: ‘We need to get creative’
• The Trump solution to homelessness: Round ’em up, put ’em in facilities
• Virginia real-estate market strong: Impact on the housing-burdened

Sen. Warner delivered a keynote address during which he charted a comprehensive path for addressing the national housing crisis through his Road to Housing legislative agenda.

Warner has proposed multiple bills to address the demand of homes and lack of affordable housing, challenges for first-time homebuyers, financing difficulties and bureaucratic barriers.

In his keynote, Warner shared details of multiple bills he has presented including:

• The Affordable Housing Credit Improvement Act: More affordable housing options for families and workers by expanding affordable housing program
• Neighborhood Homes Investment Act: Encourages developers to rehabilitate and build affordable, owner-occupied homes in communities that need them the most
• RESIDE Act: Helps communities convert vacant buildings into affordable homes
• New Markets Tax Credit Extension Act: Permanently extent the NMTC in order to encourage redevelopment and new construction
• Preserving Rural Housing Investments Act: Supports more investment in rural and low-income housing
• Rural Historic Tax Credit Improvement Act: Cuts red tape, reduces cost burdens to rural homeowners and small developers
• Scaling Community Lenders Act: Increase lending capacity and support for Community Development Financial Institutions
• Down Payment Toward Equity Act: Provides federal grants to aid first-generation homebuyers with expenses toward purchasing their first home
• Low-Income First Time Homebuyers Act: Offers new homeowners a 20-year mortgage for roughly the same monthly payment as a traditional 30-year loan
• Yes in God’s Back Yard Act: Helps faith-based organizations and institutions of higher learning transform underused property into affordable housing