Issue Position: Affordable Housing

Issue Position

Homeownership is part of the American Dream, many Virginia families struggle to find--or keep--affordable housing. Many of Richmond's teachers, nurses, police officers, and firefighters cannot afford to live in the communities they serve. Richmond property values are climbing every day, in some neighborhoods faster than wages. Richmond also has become an economically segregated city, yet neighborhoods with low, moderate and high income housing integrated together lead to the strongest communities. Jennifer understands that stable housing is a significant step to self-sufficiency, and is committed to maintaining affordable housing for all income levels, and supported affordable housing initiatives through such non-profit organizations as the Richmond Habitat for Humanity and the Flagler Home at St. Joseph's Villa.

For her efforts in the Housing arena, Jennifer was selected by the Virginia Housing Coalition as recipient of the 2009 Housing Leadership Award.

Protect Homeowners from Foreclosure

In recent years, Virginia's foreclosure rates have increased, forcing more hard-working Virginians out of their homes. Many of these foreclosures, particularly in minority communities, have resulted from subprime mortgages. Jennifer has worked to protect homeowners from foreclosure by

* Sponsoring legislation to restore trust in lending by adding a layer of necessary accountability to the mortgage lending process by requiring mortgage brokers to use reasonable skill, care, and diligence in exercising a newly created duty to make reasonable efforts to secure a mortgage loan that is in the best interests of the applicant, considering the applicant's circumstances and loan characteristics.
* Supporting legislation requiring high-risk mortgage lenders or servicers to provide advanced notice before accelerating a loan balance to and provide borrowers time to avoid foreclosure.

Reduce Tax Burdens on Homeowners

Virginia's tax system was created for an 18th century agrarian economy. Most localities can only depend on property taxes to raise revenue. Consequently, homeowners bear too much of the tax burden, forcing many out of their homes as tax rates climb. As a Delegate, Jennifer has worked for policies that reduce tax burdens on homeowners by

* Sponsoring legislation to reduce tax burdens on senior and disabled homeowners by increasing eligibility for tax exemptions; and
* Supporting a homestead exemption constitutional amendment permitting localities to exempt up to 20 percent of the value of owner-occupied homes from taxation.

Maintain Affordable Housing

Virginia is one of the least affordable states in the nation for renters. More than one-third of Virginia renters cannot afford even a two-bedroom apartment. More than 45 -- 50% of homeless people currently in shelters are working, but do not earn enough to move into their own housing. As a Delegate, Jennifer has worked to provide targeted, time-limited rental assistance to working families whose wages do not provide the sufficient income to afford adequate housing by

* Sponsoring legislation to expand private-market housing options for Housing Choice Voucher holders in areas of economic growth and opportunity by providing a tax credit for property owners.
* Sponsoring legislation encouraging developers to build affordable housing units by permitting localities to include in their affordable dwelling unit ordinances that the prices for resales and rerentals be controlled by the authority or locality for a period "not less than 15 years nor more than 50," as opposed to the current period of 50 years.
* Co-sponsoring legislation to help preserve affordable rent for the elderly and disabled when apartments are turned into condominiums;
* Co-sponsoring legislation creating a three-year, $2.5-million pilot project to provide temporary rental assistance for working families, covering the difference between one third of family income and fair market rent during a limited period of time while the family transitions from homelessness to financial independence;
* Supporting legislation to increase grants to local employees such as teachers, police and firefighters, commonwealth attorneys, and sheriffs to purchase homes in the locality.

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