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Fiscal year 2009

• Due to the recession's effects on capitol markets, VHFA saw a decline in the number of loans closed for multifamily projects in FY09. Nevertheless, the Agency continued providing critical construction financing for rental housing across the state and continued working with developers and property owners as they plan future activity.
• VHFA provided $3.7 million in a combination of pre-development and/or construction/short-term financing to 9 projects.
• Approximately $3.3 million in allocated Housing Credits was awarded to 8 projects, generating $23 million in tax credit equity.
• Additional tax credit equity estimated at $1.4 million was generated in conjunction with approximately $116,000 in bond credits.
• VHFA also allocated $29,000 in State Affordable Housing Credits to a project that generated approximately $125,000 in equity investment.
• The Agency faciliated the creation or rehabilitation of 357 units of affordable rental housing.
• Affordable housing not only helps tenants but the entire community benefits from the infusion of capital during the development process. The multifamily housing financed by VHFA this fiscal year will create approximately $42 million in economic activity across the state.