Chmura Economics & Analytics

Climate Impact & Sustainability Data (2023)

Increased collaboration between housing and economic development stakeholders through housing summits and focus groups.
Initiatives to repurpose underutilized properties and promote mixed-use developments.

Improved coordination between state agencies (Virginia Housing, DHCD, VEDP) to align housing and economic development goals.

Long-term Goals:

Align housing and economic development goals with resident preferences in regional growth plans.

Medium-term Goals:

Develop additional financing options to increase affordability for homebuyers and mitigate risks for developers.

Short-term Goals:

Lack of affordable housing across Virginia, particularly impacting workforce recruitment and retention.
Limited land availability and infrastructure in some regions.
NIMBYism (Not In My Backyard) resistance to new housing developments.
Outdated zoning regulations and permitting processes.
Shortage of skilled construction workers.
High construction costs and interest rates.

Recommendations for updating zoning regulations to allow for housing innovation.
Suggestions for identifying and developing unused properties and land.
Proposals for expanding access to training programs for construction workers.
Ideas for developing additional financing options to increase affordability and mitigate risks for developers.
Recommendations for expanding access to federal and state housing programs.
Suggestions for streamlining permitting requirements and review processes.
Emphasis on fostering collaboration among agencies and stakeholders.

The report focuses on the link between housing and economic development, aiming to improve both social and economic outcomes.