NORFOLK, Va. — It’s a conversation U.S. Senator Mark Warner says got lost in translation over the years. That’s why he wanted to sit down with Hampton Roads leaders to address issues surrounding affordable housing.
“Why housing, why now?” he asked. “The one area that got short-shrift was housing.”
Warner is making the conversation a priority on the federal level.
“We’ve got to bring back some of the existing tools like the low-income tax credit but we’ve got to think more creatively,” he said.
He brought multiple ideas to mayors, city managers, and other leaders in Hampton Roads involving down payment assistance.
“I’m working on how we can generate more supply, how we can use tax credits, for example, to rebuild decaying housing,” he said.
He's also keeping in mind the racial disparities when it comes to Black and Brown families having access to homeownership.
“If you’re a first-generation, first-time homebuyer… we would give you a credit that if you qualify for a 30-year mortgage, we’ll give you a 20-year mortgage," Warner said. "That means you double the amount of equity you get in 10 years.”
On Tuesday morning, he heard from officials in Hampton Roads hoping to add a new insight to the conversation at the Slover Library in Norfolk.
“Having more tools to amplify the existing tools makes a lot of sense,” said Nathan Simms, the executive director of the Norfolk Redevelopment and Housing Authority.
“Using tax incentives helps on the development side,” Ruth Hill, the director of Housing and Neighborhood Preservation in Virginia Beach.
“Include individuals from this population at the table,” said Norfolk Councilman John Paige.
He said this effort will take a lot of public and private collaboration.