(RECAP: A new pilot program aims to help Virginians who are “aging out” of the foster care system. DSS will continue administering the Fostering Futures program and coordinate with the new housing support options. DHCD will award grants from existing housing support resources to local nonprofits to provide direct help to young adults. VHDA will augment the DHCD-administered Affordable and Special Needs Housing program for each year of the pilot.)
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(RECAP: Steven E. Lawson, president of The Lawson Companies in Virginia Beach, Va., whose firm builds both affordable and market-rate housing, addressed the predicted increasing demand for affordable rentals as a growing number of households are rent burdened, meaning they are paying too much of their income in rent. “Demand is far outstripping supply and the supply-side of the equation is constrained by Low-Income Housing Tax Credit pricing, rising construction costs and higher interest rates,” said Lawson.)
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(RECAP: On average, renting a three-bedroom property requires an average of 38.8 percent of weekly wages. But in certain counties across California, Virginia, Hawaii and New York, renters are spending upwards of 79.5 percent of their monthly income on rent — well above the affordability threshold of 30 percent.)
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