VAR to legislature: Housing settlement money should go toward housing issues

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.


About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

One Response to VAR to legislature: Housing settlement money should go toward housing issues

Leave a Reply

Your email address will not be published. Required fields are marked *