The Virginia Housing Coalition has initiated a campaign for a Virginia Housing Trust Fund to be created by the General Assembly. The housing industry is a critical part of our local economy in Virginia. The collapse of the home ownership market has had profound economic impact – including the loss of jobs in the construction, sales and financing sectors. In a down homebuyer market, new pressure on rental housing is driving up rents and pushing affordable housing out of reach for many workers.
Between 2012 and 2022, one-time construction activities from the Housing Trust Fund can inject $1.0 billion into the state economy and support 1,778 jobs.
Many Virginians would benefit from a Housing Trust Fund, including the middle class, first-time homebuyers, struggling single parents, seniors, people with disabilities and those at risk of becoming homeless. Action to create a Housing Trust Fund will be a positive signal to the housing industry and put in place a long term strategy so that we will be better prepared to face challenges in the future.
Update: The report prepared by Chmura Economics & Analytics detailing the economic impact of a Virginia Housing Trust Fund was featured in the Richmond-Times Dispatch. Click here to read the article.