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VHDA

Case studies - Virginia Housing Development Authority

The Virginia Housing Development Authority (VHDA) is the state of Virginia’s mortgage finance agency. Created in 1972 by the Virginia General Assembly, their mission is to help low- and moderate-income Virginians attain quality, affordable housing. VHDA’s Multifamily Department (which includes Underwriting, Tax Credit Allocation and Asset Management) offers multifamily/rental loan programs to assist large and small developers in purchasing, rehabilitating and renovating apartments and rental properties. Within this division, the authority also administers the Federal Low-Income Housing Tax Credit program, which encourages the development of affordable rental housing by providing owners with a federal income tax credit.

The Challenge
Over time, the Multifamily Department had evolved into separate divisions that were largely disconnected and out of sync. Their directive included solving the following challenges:

  • Integrate the department’s processes and improve automation
  • Improve accuracy and consistency of data throughout the department
  • Consolidate legacy applications
  • Improve customer self-service for both internal and external customers

The Solution
The overall vision was a unified software product and database allowing visibility into the entire deal process. VHDA chose ProLink Solutions because of their significant experience within the mortgage banking industry, combined with the added advantage of ProLink's customizable solution integrating with current VHDA technology. The end solution was designed to assist the user with complex transactions and works with VHDA’s Excel™-based business rules.

The Results
More than 20 individual systems were consolidated down to one unified database, allowing deals to be tracked from pre-pipeline through closing. VHDA has also identified a second project to develop a ‘datamart’ for the Multifamily Department, allowing them to report on relevant items within strategic units, preservation, revitalization, and vacancy tracking.