SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
LD2313443Patrons--Scott, Almand, Davies, Diamonstein, Melvin, Miller, Plum, Stump and Van Landingham; Senators: Calhoun, Howell, Waddell and Walker
WHEREAS, the cost of housing is increasing substantially and fewer people can afford the purchase of a home or can afford to pay rent for reasonably safe and decent housing; and
WHEREAS, to be affordable, subsidized housing is the only real alternative for many Virginians; and
WHEREAS, for other fortunate Virginians, buying a home is the single most important investment that they will make; and
WHEREAS, often through no fault of the homeowner, the market values in the community drop precipitously, putting the homeowner in a negative-equity position; and
WHEREAS, this position has a tremendous impact on the homeowner's ability to obtain refinancing and to apply for a home equity loan; and
WHEREAS, an intriguing new financial program developed by Case Shiller Weiss Inc., a New England consulting firm, would allow homeowners to purchase equity insurance to protect them from a loss if real estate values shift; and
WHEREAS, under the program, a homeowner could recoup the total value of a loss resulting from a drop in community market values by applying the equity insurance payment to the principal loan, assuming the homeowner insured his equity with no deductibles; and
WHEREAS, the wide application of this program could quiet the fear of many homeowners who are concerned that their property values are being adversely affected by the presence of affordable housing developments in their neighborhoods; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring That the Virginia Housing Study Commission be requested to study the impact of implementing a homeowner equity insurance program on the location and preservation of affordable housing developments. In conducting its study, the Commission shall examine real estate fluctuations, documented and perceived, in areas with affordable housing to determine the volatility of those markets, a major factor in the attractiveness of the equity insurance program.
All agencies of the Commonwealth shall provide assistance to the Commission, upon request.
The Commission shall complete its work in time to submit its findings and recommendations to the Governor and the 1995 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for processing legislative documents.