(RECAP: The Danville Redevelopment and Housing Authority expects to go its homeownership program office to Franklin Street this month. The go will help the program expand its services. The building will become the Center for Housing Education, and will house the homeownership coordinator’s office. It will be used for homeownership workshops, budgeting classes, and courses on obtaining loans and maintaining excellent credit. Classes also will give potential homeowners hands-on experience with typical repairs around the house.)

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(RECAP: The BurkeyLoan, developed by financial company Burkey Capital, is expected to hit the market this fall with a seductive and unique sales pitch: to help college grads become homeowners by rolling their student debt into a 30-year fixed mortgage. The groundbreaking new loan is raising eyebrows in the mortgage community due to its revolutionary nature—as well as the skimpy information that’s available so far about the mortgage or its sponsor company. At this writing, the loan’s bare-bones, one-page website was noticeably stingy on, you know, details. So is it too legit to quit—or too excellent to be right?)

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(RECAP: An annual housing affordability report from the Richmond-based Virginia Housing Alliance and the National Low Income Housing Coalition puts into numbers what some in Richmond may be feeling. According to the report, a worker earning minimum wage–$7.25 an hour–would need to work 104 hours every week to afford a two bedroom apartment in the Richmond region. That’s really better than the statewide average (124 hours). The annual “Out of Reach” report bridges the two sides of the equation by framing housing costs in terms of hourly wages and annual salaries. It calculates a “housing wage,” or the hourly pay a full-time worker would need to earn in order to afford a two-bedroom rental unit at honest market rent.
Virginia has the eleventh highest housing wage in the country at $22.44.)

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