Virginia Loan Fund Established for Preservation Deals

By Caitlin Jones & A. J. Johnson
August 26, 2008 1 min read

Virginia Community Capital and the National Housing Trust Community Development Fund, two leading affordable housing lenders, have announced a new $30 million preservation acquisition loan pool.

The Preservation Acquisition Loan (PAL) fund will offer bridge financing with terms of two to three years to enable sponsors to acquire and hold existing affordable rental housing properties in Virginia while they secure long-term financing.

Roughly one-third of Virginians are renters, and much of the affordable apartments in the state are at risk. Over the next five years, contracts on more than 17,000 project-based HUD Section 8 units in Virginia will expire.

Funding sources for PAL include the Virginia Department of Housing & Community Development, Virginia Housing Development Authority, and private lenders, including Bank of America, SunTrust, and Wachovia. read more…

Leveraging NMTC and GGRF

A Synergistic Approach to Community Development

Jennifer Kirkley & Regan St. Pierre • September 13, 2024 6 min read

Increasingly, climate solutions are central to preserving and creating wealth and well-being in communities across the country.

What Can Be Done About Insurance?

NH&RA Panelists Explore Ways to Rein in High Insurance Costs for Affordable Housing

Pamela Martineau • September 1, 2024 6 min read

Meet with your underwriter in person, provide as much data as possible on relevant inspections and offer photos of improvements you’ve made to affordable housing properties. These were just a few of the tips offered at the National Housing & Rehabilitation Association’s Summer Institute Panel: “What Can Be Done About Insurance?”

Rainbow Housing: Transforming Resident Services from Within

Abram Mamet • September 1, 2024 9 min read

For most organizations, radical shifts in market strategy and company makeup generally come after crises. For Rainbow Housing Assistance Corporation (Rainbow), that radical shift came not as a result of significant challenges, but as a way to leverage successful internal practices to better serve the affordable housing industry.