Mar 01, 2012
VAR to legislature: Housing settlement money should go toward housing issues
01 Mar 2012
Posted by Andrew Kantor
We told you a bit ago how the General Assembly wants to use Virginia’s share of the robo-signing settlement (about $69 million) for various projects around the state, rather than for housing-related programs as was intended.
VAR has joined with 36 other organizations — including Habitat for Humanity, Housing Opportunities Made Equal, United Community Ministries, and the Virginia Housing Coalition — in asking the legislature to reconsider its plan, and to put the money where the Justice Department intended for it to go: To help struggling homeowners.
Some of the suggestions include providing down payment assistance for first time homebuyers, offering foreclosure prevention education, rehabilitating vacant properties, or simply developing affordable housing.
Despite the relatively small amount of money…
If 80% of these funds were directed to residential construction and rehabilitation, it would generate almost $36 million in local income, over $4 million in taxes and fees and 431 jobs.