The following report provides independent analysis designed to build on the Commonwealth’s momentum in addressing housing challenges:
NORFOLK – Today Governor Terry McAuliffe announced the release of a new independent study focused on Virginia’s housing sector and the links between housing and other key policy areas. Governor McAuliffe made the announcement at the Governor’s Housing Conference in front of 800 stakeholders, including housing providers, housing finance representatives, community and economic developers, and research institutions, among others. Based on independent analytic findings, the report found that the Commonwealth has a shortage of housing that is affordable to a substantial share of households, and Virginia needs to produce significant levels of new affordable housing to accommodate anticipated workforce growth.
“I appreciate the collaborative efforts of so many Virginia housing researchers and stakeholders who identified the specific statewide and regional connections between housing affordability, economic and workforce development, transportation, education, and health,” said Governor McAuliffe, speaking at the conference. “Unfortunately, the private sector faces challenges in producing affordable housing and Virginia can no longer rely on the federal government as a funding partner. At the state level, we need to build on the momentum we’ve achieved, including functionally ending veteran homelessness, and think boldly and creatively to address the housing challenges that remain in the Commonwealth.”
In addition to functionally ended veteran homelessness, Virginia has increased state support for the Housing Trust Fund and increased the number of permanent supportive housing units. Executive Order 32 titled “Advancing Virginia’s Housing Policy,” was signed by Governor McAuliffe in 2014 and has been a critical component of setting and achieving bold housing goals for the Commonwealth. The independent research announced today is another product of this Executive Order.
“The housing industry is critical to our workforce and the new Virginia economy,” said Secretary of Commerce and Trade Todd Haymore, Chairman of the Housing Policy Advisory Council. “This Virginia-based research is designed to be a tool to assist stakeholders and policy makers at the state, regional, and local levels as we strive to build on the successes of the past and move into the future with clear data and facts about the future possibilities for housing in Virginia.”
The complete report, commissioned by the Housing Policy Advisory Council, was written by academic experts from George Mason University, Virginia Commonwealth University, Virginia Tech, and the College of William and Mary.
The summary report and nine additional reports are available online at http://www.vchr.vt.edu/VirginiaHousingEconomicLinkages/