Welcome to FIVE FOR FRIDAY: A weekly roundup of Public Policy Issues and Headlines from around the Northern Virginia Region, the Commonwealth and on Capitol Hill.
1. 2022 Virginia conforming and FHA loan limits by county
Find the 2022 Virginia conforming and FHA loan limits by county below. Bankrate compiled the conforming loan limits data from Federal Housing Finance Agency and the FHA loan limits from the U.S. Department of Housing and Urban Development (HUD).
2. Loudoun receives $17.5 million grant in support of county broadband initiative
Loudoun County has received a grant to help fund the construction of a fiber network that will bring broadband internet service to approximately 8,600 residents and businesses in western Loudoun, according to a Tuesday press release. The initiative is a public-private partnership between the Loudoun County Department of Information Technology and All Points Broadband.
3a. Arlington County, Amazon Partner to Preserve 1300+ Affordable Homes
Arlington County and Amazon are making significant investments to help preserve more than 1,300 affordable apartment homes at the 60-acre Barcroft Apartment community for 99 years—one of the single largest affordable housing efforts ever in the region. Amazon is committing $160 million in a low-rate loan from the Amazon Housing Equity Fund to support the preservation. The County’s and Amazon’s funding will also support the developer in addressing immediate repairs, adding amenities, making property upgrades, and taking steps to improve residents’ overall living environment.
3b. Virginia needs at least 200,000 more affordable rental units, report finds
The findings, presented by the state’s Joint Legislative and Audit Review Commission, were part of a larger review of affordability and potential impacts on supply and demand, including the effectiveness of existing state housing programs.
4. NAR President Rouda Smith Testifies on Problems Utilizing VA Financing
In her testimony before Congress, NAR's President Rouda Smith shared REALTORS®' concerns about issues preventing greater utilization of VA financing including difficulties obtaining appraisals, limits on fees for services, consumer education, and recent increases to the funding fees as well as limitations on renovation financing.
5. Promoting Affordable Housing Near Transit Act Included in 2022 Defense Authorization Bill Passed by Senate
NAR advocacy and a broad and robust coalition of housing and transit organizations shepherded a provision containing the Promoting Affordable Housing Near Transit Act, sponsored by Rep. Adam Smith through the 2022 National Defense Authorization Act (NDAA). This legislation previously cleared the House on December 8 and now heads to President Biden's desk for his signature.
This bill is focused on catalyzing more affordable housing development near transit. Once enacted this bill will help facilitate creative ways to develop new, affordable housing units near city centers or along accessible transit lines. NAR will continue to advocate for federal policies that will help achieve housing equity, eliminate systemic barriers to real estate development, and create more homes.