The Virginia Housing Development Authority (VHDA) is a self-supporting, not-for-profit organization created by the Commonwealth of Virginia in 1972, to help Virginians attain quality affordable housing. Mortgages

Mortgage loan

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

 are funded by bond

Bond (finance)

In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...

s issued by VHDA, not by taxpayer dollars, and are available for homebuyers and developers of quality rental housing. The group teaches free homeownership classes, and helps people with disabilities and the elderly make their homes more livable. VHDA works with lenders, developers, local governments, community service organizations.

Funding Sources

Each year, VHDA raises funds through the capital markets to support lending for Single Family and Multifamily Loan programs. Investors purchase VHDA securities and loans, and this, in turn, generates their principal source of capital. These securities do not constitute a debt or obligation of the Commonwealth.

Organizational Structure

VHDA is a quasi-government agency. The governor appoints an 11-member Board of Commissioners. However, the authority is self-supporting and does not use tax dollars to fund its lending programs. Susan F. Dewey, its executive director since 1999, heads a leadership team of nine divisional managers. VHDA has more than 300 full-time associates.