For many people, purchasing a home helps fulfill the American dream, and thanks to an infusion of funding to the region, it could be a reality for income-challenged households.
Thanks to a $4.5 million grant from Virginia Housing, first-time homebuyers who are income-qualified may have an opportunity for a reduced interest rate as well as down payment and closing cost assistance.
The Central Shenandoah Planning District Commission was awarded the Sponsoring Partnerships and Revitalizing Communities, or SPARC, funding.
First-time homebuyers with Virginia Housing-approved lenders may be eligible for an interest rate one percentage point below prevailing rates.
CSPDC will also use the funds to assist buyers earning at or below 80 percent of the Area Median Income, or AMI, with those up-front costs associated with buying a home.
First-time homebuyers in the counties of Augusta, Bath, Highland, Rockbridge and Rockingham and the cities of Buena Vista, Harrisonburg, Lexington, Staunton and Waynesboro, may be eligible.
The sale price for the home must be $450,000 or below to qualify for the one percent interest-rate reduction.
Virginia Housing-approved lenders should reach out to the CSPDC directly to determine a client’s eligibility.
Since the SPARC program began in 1998, more than 250 households have received assistance through the first time homebuyers program.
The SPARC program is one of multiple initiatives by the CSPDC to provide affordable housing for low- and moderate-income households.
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Crystal Graham
