Source: Virginia Housing Coalition
Why Does HOME Matter in Virginia?
The value of housing and homes is inextricably linked to most of what we care about in Virginia… our families, our neighbors, our communities, our schools, our economy. If we ignore housing, we risk harming our citizens, their jobs and the economic fabric of the Commonwealth. One needs to look no further than the damage inflicted from the housing crash in 2008 – an event from which we have not yet fully recovered. Affordable Housing is
• Housing is an important economic contributor to the state’s economy. The construction of housing creates jobs not only in the construction trades, but in engineering, architecture, finance, selling and leasing, management and a myriad of other fields.
• Housing construction has a “ripple” effect where the initial, direct spending on construction “ripples” through the economy and is multiplied through a series of transactions. The construction worker takes her family out to dinner, the restaurant waitperson buys groceries, the grocery store clerk goes to the movies, the ticket taker gets a haircut at the salon and on and on.
• In a study of the Virginia Housing Trust Fund, Chmura Associates projected that a $10 million per year state allocation into a Housing Trust Fund would inject over $1 billion into the state’s economy over a ten year period. That level of expenditure would support almost 6,000 jobs over the same time period.