REACHing Out: Resources Enabling Affordable Community Housing Virginia Housing Development Authority

REACH Funding Intiative Funding is structured through VHDA’s net revenues Provides a substantial increase in subsidized financing for an array of housing opportunities in Virginia. REACH has provided approximately $170 million in VHDA resources

REACH & Homeownership Habitat Line of Credit 3% Down Payment Assistance Grant Direct Originations Down Payment & Closing Cost Assistance Community Homeownership Revitalization Program

REACH & Rental Sponsoring Partnerships and Revitalizing Communities (SPARC) SPARC Flex Mixed Use Mixed Income (MUMI)

REACH & Community Outreach Capacity Building grant Capacity Building grant pools Housing Education & Counseling Community Impact Pilot

REACH Special Initiatives Pool Rental Assistance Demonstration (RAD) DOJ Settlement Agreement

REACH Impact Responds to immediate and ongoing housing needs 24,000 rental units and 5,000 homeownership units were financed using some investment from REACH Helped solidify VHDA’s partnerships with non-profits, redevelopment and housing authorities, local governments and developers

Virginia Small Towns & Cities Dutch Inn Lexington Origins 1800s 3 commercial spaces 13 apartments total 9 market rate 4 @ < 80% AMI $1.2 million VHDA Loan $329,392 owner equity & Historic Tax Credits

Virginia Residential & Cultural Arts The Hipp Place Richmond, VA Historic adaptive re-use. Multi-purpose entertainment venue with offices, staging, a catering kitchen and restaurant. Three-story building containing 32 apartments. Provide affordable housing for students and the urban workforce.

Historic Downtown Adaptive Reuse Patrick Henry Hotel Roanoke, VA 132 one- and two-bedroom units 400 to 1,000 s.f. Lower level commercial spaces VHDA providing permanent financing under Mixed-Use/Mixed Income Program