An Assessment of Affordable Homeownership Programs in Virginia

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Cornerstone convened a Virginia Affordable Dwelling Unit (ADU) Task Force to discuss strengths of and challenges to affordable homeownership programs in Virginia. The task force included representatives from seven Virginia jurisdictions, federal and state agencies, mortgage lenders, a title company, and the Metro Washington Council of Governments  As part of the process, the jurisdictions decided to match Cornerstone funding provided by the Ford Foundation to undergo Cornerstone’s Comprehensive Assessment.

This report summarizes the aggregate results the jurisdictions’ Comprehensive Assessments.  In general:

  • The programs are either fully or partially implementing between 72% and 96% of the 70 best practices included in the Assessment;
  • The programs implement more best practices on the front end – e.g. affordable pricing and homebuyer selection processes – than on the back end – e.g. resales and post-purchase support/monitoring processes;
  • There did not seem to be a correlation between the percentage of best practices followed and the size of the program, size of the jurisdiction, or age of the program.

Click here to read the full report.