The Virginia Housing Development Authority (VHDA) is a self-supporting,

not-for-profit organization A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

created by the

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

in 1972, to help Virginians attain quality affordable housing.

Mortgages A mortgage loan or simply mortgage (), in civil law jurisdicions 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 pu ...

are funded by

bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...

s issued by VHDA, 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, con ...

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

Funding sources

Each year, VHDA 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 to ...

to support lending for single family and multifamily loan programs. Investors purchase VHDA 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

VHDA 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. Susan F. Dewey, its executive director since 1999, heads a leadership team of twelve divisional managers. VHDA has more than 300 full-time associates.

References

External links

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