Economic Impact Calculator for Residential Construction: New Housing Virginia Tool Out in Beta Form

Housing Virginia

“During the Governor’s Housing Conference, Housing Virginia released a beta version of its newest online tool: the Economic Calculator for New Residential Construction. The calculator can estimate job creation, gross fiscal revenues, and economic growth that results from new residential construction. The tool produces both short term and the long term economic outcomes based on the locality, type of housing, total number of units, and average square footage per unit of a proposed project.

For example the calculator estimates a 25-unit garden style apartment development in the City of Richmond with an average unit size of 800 square feet, would support about 52 jobs, generate $150,608 in fiscal revenue, and result in over $3 million in economic growth for the locality while the project is under construction. Over the long term, the operation of the development could be expected to support at least two jobs and annually generate $62,440 in fiscal revenue and $271,545 in economic growth.”

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Non-Profits Join Forces to Address Affordable Homeownership

Town of Farmville

“Farmville Area Habitat for Humanity (FAHFH) and Community Housing Partners (CHP) are combining resources and skill to bring new life to a dilapidated home on Griffin Blvd in Farmville. The two- bedroom, one bath home will be completely renovated inside and out to become an affordable, energy efficient home for a qualified family in our area.

Habitat for Humanity, long known for building new homes, has increasingly rehabbed foreclosed homes. The Farmville Area Habitat affiliate began building homes locally in 1992, and has helped rehab homes for Habitat Virginia in a nearby city. But this is Habitat’s first rehab project in the local area.

Community Housing Partners (CHP) is a non-profit 501(c) (3) social enterprise providing community development services in the southeastern United States. CHP works with private and public partners to preserve, design, and construct award-winning homes and neighborhoods in the southeastern United States. By creating affordable, green, sustainable housing opportunities and services CHP seeks to improve the future for the people and communities they serve.”

~Writes the Southside Messenger

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Housing Virginia Releases Preliminary Findings for Hampton Roads Workforce Housing Study

Housing Virginia

“The study looks at projected job growth in the Hampton Roads region over the next 20 years, and estimates the number of new housing units needed to accommodate its future workforce.

Preliminary findings show that the Hampton Roads region is projected to add over 160,000 new jobs through 2033, which will spread across the 14 jurisdictions that make up the region.  This growth in jobs represents a 22 percent increase from 2013.  The median wage in four of the five fastest growing industry groups is below $50,000. With incomes in this range, housing affordability is expected to be a growing challenge for the region in the next several decades.”

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Affordable Housing Could Replace Columbia Pike Church

Arlington County

“Local preservationists are calling for changes to a plan to tear down a Columbia Pike church and replace it with affordable housing. The Arlington Partnership for Affordable Housing is proposing to demolish the Arlington Presbyterian Church at 3507 Columbia Pike and replace it with an affordable apartment complex.

APAH worked in partnership with church leaders to develop a plan that would build a new, 7,100 square foot church within a five-story, 142-unit apartment building. The proposal also includes a space for nonprofit child care and ground floor retail intended for a coffee shop. The church approached APAH with the idea of building affordable housing on its site, according to a presentation the church made to its congregation in August. APAH laid out a timeline that would start with signing a lease by the end of the year, starting demolition in early 2016 and opening in late 2017.”

~Writes Ethan Rothstein of Arlington Now

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Weighing the Costs and Benefits of Affordable Housing Funding

City of Alexandria

“The city council tag team of Paul Smedberg and Justin Wilson recently weighed in yet again with their grave concerns about the runaway train that is advocacy for affordable and workforce housing in Alexandria — how it’s endangering vital programs and services, and prudent fiscal management, as well as the “divisiveness” it’s causing.

Being one of those unreasonable malcontents, I checked the city’s fiscal 2014 operating budget to see what I was missing. The three largest categories with their respective percentage shares of the total budget are as follows:

• Transportation and environmental services: 43.9 percent
• Education: 32.3 percent
• Government (legislative, executive, courts, general, etc.): 12.4 percent

 And the housing department’s share? That would be 0.4 percent. What a budget hog indeed.”

~Writes Jim Mercury in a letter to the Alexandria Times

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