Virginia

Federal bill offers hope to first-time homebuyers, but lack of housing supply threatens to blunt its impact in Virginia

Published

1 year ago

August 14, 2023

Press Room

Federal bill offers hope to first-time homebuyers, but lack of housing supply threatens to blunt its impact in Virginia

Rossyln-Balston corridor homes at dusk by Jason OX4 licensed under Creative Commons.

A version of this article first appeared on the Virginia Mercury.

By the end of the year, the federal government could be offering new homebuyers an innovative deal to build equity in their investments twice as fast. If the Low-Income First-Time Homebuyers (LIFT) Act is passed as part of an anticipated bipartisan housing bill later this year, a new program under the Department of Housing and Urban Development could offer first-time, first-generation homeowners a 20-year mortgage for roughly the same monthly payment as a typical 30-year loan.

Although the legislation could extend a hand up to communities that have been excluded from building wealth through homeownership for decades, the proposal, if implemented, may be hindered by the biggest barrier to new homebuyers: a lack of supply.

Financing fast-track

Last month, a suite of Democratic lawmakers including Virginia Sens. Mark Warner and Tim Kaine revived the LIFT Act — first introduced in 2021 — as part of a federal push to empower “individuals traditionally underrepresented in the housing market to grow equity twice as fast.” Targeting first-time, first-generation homebuyers who earn 120% of their area median income or less, the bill is specifically designed to help narrow the United States’ gigantic racial wealth gap. Although much of modern America likes to pretend we live in a race-neutral, merit-based society far removed from the impacts of slavery and segregation, the impacts of centuries of prejudicial policies can still be seen in the drastic differences in Black and white household wealth.

Today, white Americans hold ten times more wealth than Black Americans and are 28 times more likely to become millionaires. As of this May, the median Black household in the US had just $24,000 in savings, equity and investments compared to the $189,000 in wealth of the median white household.

At a recent Richmond roundtable on wealth-building, Warner highlighted Virginia’s increasingly diverse population, noting that at least 35% of Virginians are people of color. “If everybody isn’t getting that fair shot, then the enterprise we call Virginia isn’t going to do as well. It’s not only morally right but from a business standpoint; it’s the right thing to make sure people get access to capital and access to housing.”

Virginia Senator Mike Warner at a roundtable discussion on wealth-building in Richmond. Image via the Office of Senator Mike Warner.

If passed, the LIFT Act would allow HUD to subsidize the mortgages of those who qualify to functionally make their 30-year loans into just 20-year repayment plans. That means after ten years, a LIFT Act homebuyer would build up twice as much equity in their investment compared with a typical homebuyer.

In addition to the LIFT Act, Sen. Warner also put forward the renewal and expansion of the federal Low-Income Housing Tax Credit and the New Market Tax Credit as additional items the bipartisan housing bill could pursue to help ease America’s housing affordability crisis. Such proposals were music to the ears of Greta Harris, president and CEO of the Better Housing Coalition.

“In the last three years the cost of delivering a unit of housing has almost doubled here in the Richmond market, so it’s getting tougher to deliver and the need is growing,” she said at the roundtable. “A comprehensive package of housing strategies would be really helpful. That becomes the launching pad for education and for economic growth.”

Supply shortage

Such rising costs of construction and local land use limits on where and how much housing can be built could, however, hinder the LIFT Act’s ability to reduce the racial wealth gap, should the proposal receive Congressional approval later this year. Innovative federal financing programs can only prove fruitful if homebuyers have enough supply to purchase.

The dire shortage of housing units has been the main reason local purchase assistance programs have failed in Arlington, for example. What good is a subsidized loan to a homebuyer if there are no houses in their price range to buy?

“We hear the laments of young buyers that they are buying later,” said Daphne MacDougall, a broker associate and realtor at the Steele Group in Richmond. “We don’t have enough houses in lower price points because we just don’t have enough houses. It’s supply and demand, so people in higher price points are going after homes that would normally sell at a lower price point because homes in general are still hard to find.”

Such struggles are not unique to the commonwealth, according to Mike Urban, the managing director of homeownership at Virginia Housing.

“The trends you are seeing in Virginia are similar to the national trends,” he said via a phone interview. “Listings are down, home prices are up, and interest rates have risen. Those are three of the biggest barriers currently.”

Although his agency offers Virginians closing cost assistance, free homebuyer education and down payment assistance grants, “obviously we can’t do anything about the lack of inventory,” he said.

An analysis of the crisis released by the White House last year laid out how America’s supply shortfall of 1.5 million missing homes has been years in the making. “Fewer new homes were built in the decade following the Great Recession than in any decade since the 1960s — constraining housing supply and failing to keep pace with demand and household formation,” stated the briefing.

Despite some pro-housing rumblings from Republican Governor Glenn Youngkin in recent years, the commonwealth is still not adding enough new homes to keep up with population growth, let alone enough units to ease the pressure on the 29% of Virginians who are housing cost burdened, meaning they spend more than 30% of their income on shelter. However, the state could take some practical steps to prime the well of housing production, according to Andrew Clark of the Home Builders Association of Virginia.

“We have inadvertently and sometimes advertently capped production,” he said. “A lot of it is localities with zoning set up to minimize the number of lots and homes that can be built, but it’s not just the localities. The [U.S. Army] Corps of Engineers has had the same budget at the state level for probably a decade. Complexity of development is going up and demand is going up, but you don’t have more state capacity to make it happen. If we’re telling agencies they have review authority, we ought to give them the resources they need to actually make it happen.”

Bipartisan bill

As chair of the Senate Committee on Banking, Housing and Urban Affairs, Ohio Senator Sherrod Brown will have the final say on whether Warner’s LIFT Act will be included in the bipartisan housing bill anticipated later this year. Alongside Kaine’s Fair Housing Improvement Act, the LIFT Act is similarly in limbo as to whether it will make the cut. Warner, however, is hopeful.

“I am very optimistic that we are going to take a bite on the housing issue this year,” he said. “This is an area where we have got to do more. We’ve been talking about it for a long time. We’ve got to put this on the table.”

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Virginia

Virginia Tech Football: Three Keys to Victory for the Hokies on Saturday vs Virginia

Published

2 hours ago

November 28, 2024

Press Room

Virginia Tech Football: Three Keys to Victory for the Hokies on Saturday vs Virginia

The rivalry matchup between Virginia Tech and Virginia is nearly 48 hours away and it is a big matchup for both teams. The Hokies and the Cavaliers are both 5-6 and needing a win to make a bowl game. The loser will be getting a headstart on 2025 instead of playing in the postseason.

At the start of the year, Virginia Tech was being talked about as one of the biggest surprise teams not just in the ACC, but in the country. This team’s biggest goals have gone away, but they still have an opportunity to reach a bowl game for the second straight season. That should still be a big deal to the program, but on the other side, the Cavaliers are trying to make a bowl game for the first time under Tony Elliott. They are going to be fired up about playing in this game and having a chance to make a bowl game, so Virginia Tech can’t take it for granted, no matter their past success vs Virginia.

So what are the keys to a win for Virginia Tech on Saturday?

Before you could even blink on Saturday night, Virginia Tech was trailing Duke 14-0 thanks to two long touchdown plays and the Blue Devils have not been a very explosive offense this season. Virginia has found a way to put points on teams like Clemson and Louisville this season and has improved since last year. The Hokies’ pass rush was non-existent on Saturday vs Duke, finishing with no sacks and being unable to disrupt Duke quarterback Maalik Murphy. They will have to be able to play better on Saturday if they want to avoid the upset.

It is still up in the air who is going to play quarterback for the Hokies on Saturday night, but whoever it is would benefit from a big game from one of the nation’s best running backs. Tuten had 84 yards on 19 carries last week, but Virginia Tech might need more than that on Saturday when the face the Cavaliers.

Our own RJ Schafer wrote this about the quarterbavck situation heading into Saturday’s game:

“Brent Pry listed both Kyron Drones and Collin Schlee as questionable ahead of the historic matchup. He added that both will practice, although very limited, and they could “just be watching” from the sidelines.

Coach Pry also added that Virginia Tech is preparing four quarterbacks to be ready to play this weekend, including Davi Belfort, a freshman quarterback from Brazil, a country which could begin to be the future of American college football.

Whoever plays this weekend is going to have to have to manage the game and not turn the ball over. I think the offense is going rely on the run game heavily this weekend due to that.

Additional Links:

Virginia Tech Football Releases Depth Chart Ahead of Matchup Against Virginia

Virginia Tech Football: PFF Grades and Snap Counts For Every Player in Saturday’s Loss to Duke

Virginia Tech Football: Updated Bowl Projections For The Hokies Heading Into Final Game

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Virginia

Big Tests On The Horizon For Virginia Tech Wrestling – FloWrestling

Published

10 hours ago

November 28, 2024

Press Room

Big Tests On The Horizon For Virginia Tech Wrestling – FloWrestling

At 3-0 with marquee victories over #6 Missouri (23-10) and #21 Rutgers (26-11), as well as a second-place finish in the Keystone Open with just a handful of starters competing, Virginia Tech has swept through a tough November and is prepared for a difficult December.

The Hokies, #12 in Flo’s team tournament ratings but top 10 in various dual-meet rankings, are next scheduled for an annual trip to Las Vegas for the Cliff Keen Invitational, featuring 27 teams, of which 14 are among Flo’s top 25. And then it’s another trip west to Stillwater on Dec. 19 to challenge #5 Oklahoma State in a rare Thursday match.

The early key thus far for the Hokies has been the ability to win the bouts they’re supposed to win and grabbing a fair share of so-called toss-up bouts.

To wit, Tech’s #18 Sam Latona downing Missouri’s #13 Josh Edmond (4-2) at 141, or #25 Rafael Hipolito majoring the Tigers’ #32 James Conway (11-3) at 157 and #15 Jimmy Mullen stopping #20 Seth Nitzel (4-2) at heavyweight.

That trend continued at Tech’s Moss Arts Center match against #21 Rutgers when Latona used a late takedown to defeat Joey Olivieri 7-5, #4 Lennox Wolak pinned veteran Jackson Turley at 174 and #9 Andy Smith slipped past #17 John Poznanski 4-3 at 197.

Hokies coach Tony Robie only took a few regulars to the Keystone Open in Philadelphia and, led by championship efforts by #1-ranked Caleb Henson at 149 and heavyweight Hunter Catka, Tech placed second behind Lock Haven. Latona placed third at 141 and Sam Fisher did the same at 184.

Robie opted to use the Hokies’ roster as freshmen Dillon Campbell (125), Matt Henrich (157), Luke Robie (157) and Jack Bastarrika (133) competed as did redshirt juniors Jackson Spires (165) and Ty Finn (174). Spires placed second.

Who’s Ready For Change?

With legislation on the NCAA’s table affecting scholarship and roster limits — unlimited scholarships and a roster cap — as well as revenue sharing, some college wrestling programs likely have a serious dose of trepidation while others are confident they can deal with whatever happens.

Virginia Tech sits in the latter category.

“I have no concerns whatsoever about that,” Robie said earlier this month. “I think a lot of it probably will happen. It’s hard to say whether it’s good or bad for the sport; that’s not really for me to say. What I will say is you have to adjust with what the rules are and what the landscape of college athletics looks like, and that’s what we intend on doing.

“Is it good for the overall health of the sport of wrestling? The kid that’s the 35th kid on your roster? Probably not. But I think definitely there were probably some things that needed to change; the pendulum was starting to swing significantly the other way. At some point, it’ll probably start to go back to the middle.”

Robie said all anyone can do is wait for the final decisions.

“We have some contingency plans based on what we think is going to happen and we’ll move forward with our plan and try to execute it,” he said.

A Pretty Good Gig

Robie, in his eighth year as head coach, has been at Tech since 2006 and as each season passes, the commitment and enthusiasm remain the same.

“Well, you get to do what you like to do. And it’s a pretty cool thing to be able to coach wrestling for a living and be a part of a pretty good program, and work with some great people and try to affect the lives of the kids in your program,” he said.

“I think anybody would want to do that. For me, I’m not young anymore. I turned 50 … who knows how long I’m going to do it, but I’m going to give it the best I can while I’m doing it and hopefully continue to improve as a program and try to try to help these guys as much as possible. But it’s good, Virginia Tech’s a great place to work, it’s a great place to live. I’ve got a great staff and it makes my life pretty easy.”

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Virginia

VIDEO: UVA Football Players Preview the Virginia Tech Game

Published

17 hours ago

November 27, 2024

Press Room

VIDEO: UVA Football Players Preview the Virginia Tech Game

With the game of year looming this weekend, members of the Virginia football team were made available to to the media after practice on Tuesday morning to talk about the regular season finale against Virginia Tech in the Commonwealth Clash on Saturday night in Blacksburg. Watch the video below to hear what UVA senior safety Jonas Sanker, graduate tight ends Tyler Neville and Sackett Wood Jr., and graduate defensive tackle Jahmeer Carter had to say ahead of the Virginia Tech game:

Sanker is the team’s leader in tackles with 89 total tackles and also leads the ACC in solo stops with 60 unassisted tackles. He has racked up 8.5 tackles for loss, two sacks, four pass breakups, two fumble recoveries, and an interception as part of a strong senior campaign that should earn Sanker some serious consideration for a First-Team All-ACC selection.

A transfer from Harvard, Tyler Neville is Virginia’s second-leading receiver with 35 catches for 387 yards and two touchdowns. Sackett Wood Jr., meanwhile, has recorded three receptions for 18 yards and a touchdown this season. Between the two of them, Neville and Wood have combined to appear in 83 college football games and make 48 starts.

Saturday will be the 55th game in the five-year career of Jahmeer Carter, who has started nearly every game for the last four seasons at Virginia. This season, Carter has 30 total tackles, including nine solo stops, two tackles for loss, one sack, and a pass defender. For his career, Carter is up to 131 total tackles, 2.5 sacks, and 7.5 tackles for loss.

Saturday night will be the first time Virginia plays at Lane Stadium in front of fans since the 2018 season, as the 2020 edition of the Commonwealth Clash was played in front of only 250 fans due to COVID-19 restrictions and then the 2022 Virginia vs. Virginia Tech game was canceled due to the shooting tragedy at UVA.

Virginia is seeking its first road victory at Virginia Tech since 1998, as the Hokies have won the last 11 Commonwealth Clash games played at Lane Stadium. Virginia Tech has won 17 of the last 18 overall games against Virginia and leads UVA 61-38-5 in the all-time series that dates back to 1895.

Both Virginia and Virginia Tech bring a 5-6 overall record into the regular season finale and both need to win the game in order to reach the six-win threshold required for bowl eligibility. There is only one other game this weekend between FBS teams who are battling for bowl eligibility (Eastern Michigan vs. Western Michigan). Virginia and Virginia Tech played each other for bowl eligibility at the end of the 2014 season.

UVA Football: Players to Watch in Virginia vs. Virginia Tech

UVA Football Week 14 Injury Report: Kobe Pace, Kempton Shine, Trell Harris

Virginia Football Depth Chart vs. Virginia Tech | Takeaways, Analysis

Virginia Football Opens as Touchdown Underdogs at Virginia Tech

UVA Football Report Card: Handing Out Grades for Virginia vs. SMU

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