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With the executive director of the Virginia Housing Development Authority retiring, some say the agency may re-evaluate its lending practices. Part state agency and part bank, the VHDA has nimbly walked a tightrope since the legislature created the authority 25 years ago to provide needy renters and first-time home buyers with affordable housing. ON one side sit Wall Street investors who buy VHDA bonds expecting safe, solid returns on their money. On the other side wait needy residents whose relatively low income makes them financial risks because they'll struggle to pay the mortgages and rents VHDA collects to pay off investors.

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