The League of Women of Virginia supports HB1973 because it will preserve much needed affordable housing. There are about 160,000 affordable rental units in Virginia that are publicly supported. 7,126 of these units are at risk of losing their affordability in the next five years and 29,456 in the next ten due to expiring affordability restrictions. Preservation saves money. Construction of new units costs 25 to 40 percent more than through the purchase and rehabilitation of existing housing units.
The League of Women of Virginia supports HB1973 because it will preserve much needed affordable housing. There are about 160,000 affordable rental units in Virginia that are publicly supported. 7,126 of these units are at risk of losing their affordability in the next five years and 29,456 in the next ten due to expiring affordability restrictions. Preservation saves money. Construction of new units costs 25 to 40 percent more than through the purchase and rehabilitation of existing housing units.