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Va. median home sales price breaches $400k for first time
The statewide median sales price for a home in May rose above $400,000 for the first time, according to the Virginia Realtors‘ May 2022 Virginia Home Sales Report. The median price was $401,082, up 8.7% and more than $32,000 from a year ago. In total, 13,048 homes sold in Virginia in May, an 8.5% decrease […]
Henrico assisted living facility to become affordable housing
Construction started this week on a $23 million project that will create 86 units of affordable housing in eastern Henrico County, Virginia Supportive Housing announced. Formerly an assisted living facility, Cool Lanes Commons, on the border of Richmond and Henrico, will create 80 one-bedroom apartments and six studio apartments for homeless and low-income people in […]
HOME of Virginia announces next president and CEO
Richmond-based nonprofit Housing Opportunities Made Equal (HOME) of Virginia Inc. announced that Thomas Okuda Fitzpatrick will serve as its next president and CEO starting April 6. “I am profoundly honored to have been selected to lead this storied organization, and I look forward to continuing in the proud tradition of aggressive enforcement of fair housing […]
Amazon provides $21M to create real estate developers of color program
Amazon.com Inc. announced Wednesday a $21 million grant to create a professional training, mentorship and capital funding program for real estate developers of color focused on affordable housing. “With this accelerator program, we are laser focused on lifting up emerging real estate developers of color. We want to foster their professional growth through education and […]
NoVa housing market remains hot
Northern Virginia is continuing to see high levels of housing activity, a trend also taking place around the state and around the country. In an April 13 news release, the Northern Virginia Association of Realtors (NVAR) states that March saw a 54% month-over-month increase in new contract activity in the region, with 2,781 new pending […]
Virginia sees major housing inventory shortage
Across Virginia and the nation, real estate experts are singing the same tune: We’re facing a major housing inventory shortage that shows no signs of letting up soon. “Inventory is down about 44% compared to a year ago and it’s about a third of what it was five years ago,” says Lisa Sturtevant, chief economist […]
Construction begins on $20M Norfolk apartment complex
Construction began late last week on a $20 million apartment complex at the site of the former American Cigar Co. in Norfolk, according to S.L. Nusbaum Realty Co. The 118-unit complex (including one-, two- and three-bedroom floor plans) will be located at 1140 and 1148 E. Princess Anne Road in Norfolk’s Bruce’s Park neighborhood. The […]
Hampton Roads sees record drop in available homes for sale
Hampton Roads housing inventory was down by nearly 47% in August, compared to August 2019, Real Estate Information Network Inc. (REIN) reported Tuesday. The region’s supply of inventory stood at just 1.97 months in August, which is the lowest recording since REIN began tracking this metric in September 2008. “Simply stated, if no new listings […]
$8.79M in CARES Act funding going to affordable housing
Following Gov. Ralph Northam’s announcement on Aug. 7 that the eviction moratorium would be extended through Sept. 7, U.S. Sens. Mark R. Warner and Tim Kaine on Monday announced that $8.79 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will go to affordable housing in Virginia. “As housing insecurity continues to […]
New state program to provide rent, mortgage relief
Gov. Ralph Northam announced Monday the launch of a $50 million state program to provide relief for people facing eviction or foreclosure due to the pandemic. Federal funding from the Coronavirus Aid, Relief, and Economic Security (CARES) Act is being directed to the Virginia Rent and Mortgage Relief Program (RMRP). “Expanding access to safe, affordable […]
Subcommittee advances bill prohibiting LGBTQ discrimination
RICHMOND — A General Assembly subcommittee advanced a bill Thursday that would prevent discrimination on the basis of sexual orientation or gender identity in housing, public accommodations, employment and credit applications. Lawmakers suggested expanding the focus of a bill introduced by Del. Delores McQuinn, D-Richmond, that would update the Virginia Fair Housing act to prevent […]
State awards nearly $12M in affordable housing funds
The state will allocate nearly $12 million to affordable housing and homelessness reduction programs throughout the state, Gov. Ralph Northam announced Thursday. The funding includes $10.7 million in Affordable and Special Needs Housing (ASNH) loans for 12 projects, which will create or preserve 607 affordable housing units for low-income Virginians, and $1.2 million in grants […]
