Regional Cooperation to End Homelessness

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The regional cooperation between the cities of Virginia Beach, Chesapeake, Norfolk and Portsmouth to reduce homelessness in South Hampton Roads was featured as the cover article in the Mar09 issue of Research Works, HUD's Office of Policy, Development and Research newsletter.

The article highlighted the cities' partnership with Virginia Supportive Housing to develop Gosnold Apartments in Norfolk and Cloverleaf Apartments in Virginia Beach, the nation's first two regional housing facilities for homeless single adults.

Gosnold and Cloverleaf each houses 60 formerly homeless single adults and provides residents with supportive services -- health, education, job training and placement.

Research Works is a national publication that links housing research and practice. The complete Mar09 issue of the newsletter may be viewed online at http://www.huduser.org/periodicals/Researchworks.html

Portsmouth’s State of the City Address

by Donna Morris, Executive Vice President, Hampton Roads Partnership

The Honorable James W. Holley, III, Mayor of the City of Portsmouth, has a way of making you feel a part of the Portsmouth family when you attend his annual State of the City addresses. He knows that if you are a citizen of Hampton Roads, you are also part of the Portsmouth’s extended family.

Mayor Holley recognized area businesses and citizens for their support during a very difficult financial time. He applauded the Portsmouth City staff for collectively working with limited resources to maintain the level of service citizens expect.

Mayor Holley, famous for his bromides*, shared one that made everyone smile. To introduce the video capturing the city’s economic developments and news over the past year, the mayor shared his own version of the well known quote – "the road to success is always under construction" – adding that the road is not always straight, but has bends and an occasional speed bump.

The State of the City presentation can be found at: mms://www.portsmouthva.gov/video/04_02_09_SOTC.wmv (Clicking on this link will open Microsoft's Media Player and it will begin to play the video OR copy this link www.portsmouthva.gov/video/04_02_09_SOTC.wmv and paste it into your web browser to open with your preferred video playing software.)


* "Bromide" is a phrase that has been used and repeated so many times that it seems like an attempt at explaining the obvious.

Building "Civic Muscle"

Learn how to apply to serve on city boards and commissions at a public forum sponsored by Project Inclusion Leadership Development Program, United Way of South Hampton Roads on Thursday, April 30th, 6:00PM – 8:00PM, at the Norfolk Workforce Development Center, 201 E. Little Creek Road, Norfolk.

The forum agenda includes:

Remarks on Community Service by Bernard Henderson-Senior Deputy Secretary, Commonwealth of VA

Keynote Presentation - Civic Boards & Commissions Panelists:

• Velma McNair, Deputy City Clerk of Chesapeake
• Katherine Glass, City Clerk of Hampton
• Mabel Washington-Jenkins, City Clerk of Newport News
• Shelia Wilder, Deputy City Clerk of Norfolk
• Debra White, City Clerk of Portsmouth
• Erika Dawley, City Clerk of Suffolk
• Ruth Hodges Frasier, City Clerk of Virginia Beach

Moderator: Delores “DeeDee” Gee-TV Show Host: “My Good Lyfe”

Project Inclusion aims to serve as an advocate for inclusion within the community and to build and promote cultural diversity among the United Way member agencies and other non-profit agencies to positively impact the quality of life for others.

Forum Take-Aways:

• Learn which boards have current vacancies in your city.
• Gain an understanding of board application processes.
• Obtain useful tips for gaining board appointments.
  

Refreshments will be served at this free event.

RSVP your attendance to J.R. Locke, Director of Project Inclusion, at 2515 Walmer Avenue Norfolk, VA 23513-2604, ebmincllc@msn.com or call 757-853-8500 ext 134.

Ever wonder how a tunnel waterway is built?

The proposed project for the Midtown Tunnel between Norfolk and Portsmouth is comprised of a new two-lane tunnel under the Elizabeth River parallel to the existing Midtown Tunnel.

Other components of the project include maintenance and safety improvements to the existing Midtown Tunnel; minor modifications to the interchange at Brambleton Avenue/Hampton Boulevard in Norfolk; maintenance and safety improvements to the existing Downtown Tunnel; and extending the MLK from London Boulevard to Interstate 264 (I-264), with an interchange at High Street.

Downtown Tunnel / Midtown Tunnel/ MLK Extension Video Link

Thank you for an alert reader's email to us! HRP apologizes for the inconvenience; the original VDOT YouTube video had been removed. VDOT's YouTube Channel worked on the problem and has re-issued the video you see above.

Economic Crisis of 2008

Economic Crisis of 2008

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Report provided by Dr. Filer to the Hampton Roads Partnership Executive Committee on 17-Oct 2008.

Summary: as of Aug08, the U.S. has $19.3T in housing stock with $10.6T in debt. 91.6% are at prime rates; only 8.4% is sub-prime. So, how did this small sub-prime number create such havoc? Regionally, Hampton Roads has less sub-prime stock than the nation and comparable MSAs (such as Charlotte, Jacksonsville, Atlanta). Locally, while still small, the majority of sub-primes are #1) Suffolk, with an alarming rate #2) Chesapeake #3) Portsmouth #4) Hampton.

Hampton Roads has a low foreclosure rate compared to national average. However, over the next year, local ARM resets will be slightly higher in number than national average. Hampton Roads’ median monthly average house payment income as a percentage of monthly income has always been lower than the national average, that is, until 2007.

Hampton Roads' home inventories are a definite concern, although we’re approaching “bottom”, our historical minimum of home sales and at the peak of our historical home inventories. Is our current housing situation the result of fundamental appreciation or over-speculation in home values? This is debatable among local economic experts, including Dr. Koch.

Hampton Roads and NOVA are the only MSAs in Virginia not already in recession or at risk, but “expansion” mode. Expansion in Hampton Roads is evidenced by personal income growth and job growth versus job losses.

In 2008, 59% of mortgage debt was being sold on the secondary market and not held by banks, two times as much as any other period in history. Warren Buffet referred to this rise as “weapons of financial mass destruction”. The credit default market is at $58T while the debt rate is actually $10.6T. These are highly leveraged “insurance contracts”. Credit on “paper” is at 13 times its actual worth and the assets attached to that credit.

The TED Spread, the percentage banks pay to borrow money from other banks, has experienced huge spiking in the last two months. The commercial paper market (basically IOUs) for short-term needs, i.e. paying debt with debt has been rolling over since Jul07 and has started to “crash”. Banks have liabilities and can’t find buyers for the debt.

As of 3rd Quarter of 2008, essentially 80% of the banking industry is finished with sub-prime lending. 60% of banks report tight lending even with credit cards.

So, where’s the bottom? The fundamental weakness is in housing defaults. Foreclosures will continue until this market stabilizes. The high-end market in housing is much more volatile than the conforming market (valued at $417k or less). World-wide recession is indicated by the slowing of GDP. The recent moves by the Federal Reserve and the federal government are very aggressive and need to be allowed time to work in the various markets to stabilize the economy.

The solution to Hampton Roads' housing excess inventory? Need to address the supply side by keeping buyers in the market and attracting new buyers and encourage banks to make loans. Current federal response hopefully will stimulate demand. Hampton Roads builders should be highly commended, having responded well by reducing new permits and avoiding over-building. Other regions are not so fortunate.