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VHC News Clips, volume 2009-20 (November 19, 2009)

HFAs Get Aid From Treasury
The Bond Buyer, November 17
(RECAP: State and local housing finance agency officials generally applauded the allocations they received from the Treasury Department for the new-issue bond purchase and temporary credit and liquidity programs, saying they were close to what they requested and should boost ailing housing programs.)

12-year prison term in mortgage swindle
The Washington Post, November 17
(RECAP: A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure is a "vulture" whose case should serve as a warning to other con artists, a federal judge said yesterday before imposing a sentence of more than 12 years. )

U.S. to aid some local mortgage programs
The Washington Post, November 17
(RECAP: A Treasury Department program aimed at propping up local housing finance agencies will help inject $29 billion into these groups over the next year, according to government data scheduled to be released Today.)

Virginia Housing Development Authority Announces a Subsequent Offer Period for Certain of Its Bonds
PR Newswire, November 16
(RECAP: VHDA invited beneficial owners ("Bondholders") to offer to sell to VHDA for cash, upon the terms and subject to the conditions set forth in the Invitation dated October 16, 2009 (the "Invitation"), certain of its Commonwealth Mortgage Bonds listed in the Invitation (the "Bonds").)

Problems persist in RRHA voucher program as agency's role is debated
Richmond Times Dispatch, November 16
(RECAP: When Anthony Scott took interim control of the Richmond Redevelopment and Housing Authority in 2006, departing Executive Director Sheila Hill-Christian had a word of warning about its housing-voucher program for needy families. More than three years and three federal audits later, the housing-voucher program remains the greatest vulnerability.)

Arlington County approves $7.1 million loan for Arlington Partnership for Affordable Housing's Buchanan Gardens
Washington Business Journal, November 16
(RECAP: The Arlington County Board has approved a $7.1 million loan for the Arlington Partnership for Affordable Housing (APAH) to buy a 111-unit garden apartment complex. APAH will also apply for Low Income Housing Tax Credits through the Virginia Housing Development Authority.)

Treating house financing like a true investment only way to stop foreclosures
Examiner.com, November 14
(RECAP: What the federal government should consider promoting is partnership between lending institutions and potential homebuyers. If a house buyer is going to treat a house purchase as an investment, the house buyer and lending institution should treat their relationship as a joint venture as opposed to the typical creditor-debtor relationship.)

Local conference focuses on safety
InsideNoVA.com, November 14
(RECAP: The third annual City of Manassas Neighborhood Conference provided information from VHDA, the Prince William Area Agency on Aging, Project Mend-A-House, and Unity in the Community.)

Man Fights Virginia County's Plan to Spend $46 Million to Build a Baptist Church
Courthouse News Service , November 13
(RECAP: Arlington County 's plan to spend $46 million of taxpayers' money to demolish a Baptist church and build a new one violates the First Amendment, a taxpayer complains in Federal Court.)

Low-interest loans available
Loudoun Independent, November 13
(RECAP: Low-interest loans are available for first-time homebuyers looking to buy foreclosed homes in Sterling Park or Sugarland Run. The funds are available through VHDA's SPARC program.)

Fewer losing homes in D.C. area
Renae Miller, November 13
(RECAP: Bank repossessions of homes in the Washington area declined last month but are on pace to surpass last year's total in most parts of the region by the end of the year, according to data released Thursday by RealtyTrac.)

Brief: Development Investment firm awarded $60 million in tax credits
The Virginian-Pilot, November 13
(RECAP: Hampton Roads Ventures, a community development investment firm affiliated with Norfolk 's Redevelopment and Housing Authority, has been selected to receive $60 million in New Market Tax Credits to help fund construction projects.)

Cash cushion shrivels - U.S. housing agency
CNNMoney.com, November 12
(RECAP: The mortgage meltdown has ravaged the finances of a crucial government agency tasked with propping up the housing industry. The Federal Housing Admin istration's reserve fund has dropped to .53% of its insurance guarantees, well below the 2% ratio mandated by Congress and the 3% ratio it had last fall, according to its annual independent audit, released Thursday. The fund covers losses on the mortgages the agency insures.)

Area housing market -- aided by tax credit -- picks up in Oct
Washington Examiner, November 12
(RECAP: The D.C.-area housing market continued to inch forward in October, thanks in part to the federal government's tax credit for first-time homebuyers.)

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