Latest news with #HOMEInvestmentPartnershipProgram
Yahoo
24-04-2025
- Business
- Yahoo
Norfolk housing authority program helps first-time home buyers
NORFOLK, Va. (WAVY) — The Norfolk Redevelopment and Housing Authority is offering first time homebuyers $60,000 in down payment and closing costs assistance, thanks to the HOME Investment Partnership Program. Lashawn Fortes, the NRHA homeownership director, said she's thankful to be able to educate residents in the community about the various resources that the housing authority provides. 'I remember when I bought my first house, I qualified for everything, but I wasn't educated to know what was available,' Fortes said. The HOME Investment Partnership Program, known as HOME, was put in place by the city of Norfolk and the city's housing authority to expand the supply of decent affordable housing to low-to-moderate income households who choose to purchase a home in the Mermaid City. 'It's an allocation set aside for low- to moderate-income families to help them with that gap of financing for home ownership,' Fortes said. Besides being a first-time homebuyer to qualify, your income must be below 80% of the area's median income, and you must live in the home for a set period of time. According to Fortes, in the past you had to reside at the home for 15 years, but in the future, you will only have to reside at the home for 10 years. Funding is first-come, first-serve, and there is a waiting period. But it's waiting that Norfolk residents like Martha Richardson, who along with her husband moved from New York City to Virginia, say is worth it. 'When my husband came down [on] his first trip, he loved it,' Richardson said. 'Actually, Virginia is for lovers because the minute he stepped in here he was in love.' After months of renting, she wanted to own her own place, but she wasn't sure where to turn, that was until she got information about the Norfolk Redevelopment and Housing Authority. With help from the program, Richardson bought her first home. 'It does help,' Richardson said. 'You're not only educated, [but] you're also given monetary assistance to help you with that big first step.' Said Fortes: 'Right now in this market, people are like, 'Do I buy or do I wait?' And that's a personal preference, but we educate them on the pros and cons.' Learn more about the . Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
14-03-2025
- Business
- Los Angeles Times
Costa Mesa seeks to fill $3.6M gap in current budget, as threat of federal cuts looms
Costa Mesa officials are considering scaling back on promised public works projects and eliminating unfilled job vacancies to cover a $3.6 million revenue shortfall in this year's budget, as the threat of federal cuts looms on the horizon. The fate of several civic positions and programs was considered Tuesday during a council study session, during which finance director Carol Molina delivered a mid-year update on the city's $189.9-million general fund budget. Molina said while most sources of income were tracking with assumptions made during the 2024-25 budget adopted last June, sales tax revenue was weaker than projected. Finance staff anticipated receiving $81.6 million, but current trends suggest by the end of the fiscal year, receipts may total as low as $75.2 million. 'This is mostly attributed to slowdowns in consumer goods and in our auto sectors primarily,' Molina said of the $6.4-million gap. Other revenues are slightly stronger than forecast, including the cannabis tax at an additional $100,000, and other smaller streams that will net an additional $400,000, while expenses pencil out $2.8 million lower than budgeted. To cover the $3.6-million deficit, finance staff proposed refinancing $700,000 of the city's annual street sweeping costs, using gas tax revenue instead of general fund money, and implementing a soft hiring freeze starting April 1, during which nonessential vacancies would be eliminated. For the remaining $2.9 million, Molina offered the council some options. The city could defer an equivalent amount of capital projects slated for this year's budget, targeting items of lesser importance or ones not yet begun. Some of those projects include $100,000 for butterfly gardens, nearly $1 million in City Hall improvement projects, a $250,000 commitment to improving streets and an HVAC system at the Costa Mesa Senior Center estimated at $725,000. Another option would be drawing from the city's general fund reserves, which have grown steadily in recent years as income has eclipsed expenditures. The city has cached nearly $56.8 million — above a council recommendation to maintain a minimum balance of $55 million — including $9 million of economic reserves intended to address economic instability. While a short-term fix, that could leave the city short in the event the federal government moved ahead with a potential freeze of funding commitments, a Trump administration move paused by a legal challenge. 'We may need to tap into these resources to fill in some of the funding gaps that we may experience if we do get federal funding reductions,' Molina warned. She described three major programs that rely on federal funding, including the Community Development Block Grants (CDBG) and the HOME Investment Partnership Program, which together provide nearly $1.4 million in code enforcement staffing, public service grants and capital projects, like a new roof at the Senior Center. The city also receives federal grants for infrastructure projects, street improvements and other active transportation programs, including a pedestrian safety festival. This year's earmarks total more than $13.4 million. Council members expressed a desire to take a deeper look at the city's capital improvement project (CIP) list and staffing vacancies to see what's essential and what might be culled. 'The fact is there is a bit of a slowdown of the economy, there is fear of a recession, and so as a city we need to do everything we can to be responsive to that without cutting so deep to the bone that we are unable to provide the things we are known for as a city, the things that make us great,' said Councilwoman Andrea Marr. Mayor Pro Tem Manuel Chavez said he hoped city leaders would use what could be considered a crisis as an opportunity to be more efficient and look at ways to increase revenue. 'About 75% of our budget is employees. If we're seeing positions not be filled, maybe it's time for us to look at those and say if we need them or don't need them. [And] there are items on the CIP that no one on the council is championing, because they were from a prior council,' he said. 'I look at this as an opportunity for us as Costa Mesa to really look at ourselves and our processes and see how we can tweak things to improve our services.' City staff plan to bring back a prioritized CIP list, along with vacancies and data on city fees that could be raised to reach parity with nearby cities, to future budget talks slated for April and May.
Yahoo
27-02-2025
- Business
- Yahoo
Gov. Youngkin announces over $139M towards affordable housing in Virginia
PORTSMOUTH, Va. (WAVY) – Governor Glenn Youngkin announced over $139 million in loans to go towards affordable and special needs housing in communities throughout the Commonwealth, including in neighborhoods in Hampton Roads. 'Providing accessible and affordable housing for all Virginians is more than a fundamental need—it's a cornerstone of our state's prosperity,' Youngkin said. 'When we prioritize housing affordability and availability, we drive economic progress, fortify our communities, and build a stronger, more vibrant Virginia for generations to come.' Funding for the projects comes from the federal HOME Investment Partnership Program, the federal National Housing Trust Fund (NHFT), Housing Innovations in Energy Efficiency (HIEE) and the Virginia Housing Trust Fund (VHTF). According to a release, the VHTF, which is provided by the General Assembly, helps to provide funding housing construction projects that create and preserve affordable housing, reduce the cost of affordable housing and to increase homeownership. The funds will both help with the affordable housing in Virginia, but also help to support homeless reduction efforts by providing rapid rehousing and long-term housing solutions for individuals experiencing chronic homelessness. 'Affordable and accessible housing is essential for a thriving economy, and our dedication to addressing this critical need remains steadfast,' Secretary of Commerce and Trade Caren Merrick said. 'These efforts will not only enhance and grow our affordable housing stock but also pave the way for a stronger, more resilient and prosperous Virginia for everyone.' The funding will create nearly 3,000 housing units for low-income families in Norfolk, Newport News, Portsmouth, Chesapeake and Southampton County. For more information on the funding and where it is being applied, click here. Continue to check for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
