The Virginia Housing Development Authority has awarded the City of Alexandria $15.2 million in new funding to help make homeownership more affordable for households with members who live or work in the city.
The funding is provided through VHDA’s Sponsoring Partnerships and Revitalizing Communities Program. Based on the city’s demonstrated success in deploying prior VDHA funds, the new amount represents the largest allocation of SPARC monies that the city has received in the seven-year history of the program, a city spokesman said.
The new funding will be used in conjunction with the city’s Homeownership Assistance Program and Moderate Income Homeownership Program. The HAP Program assists lower-income households with annual incomes of up to $61,500 for a family of four, while the MIHP Program assists households with incomes of up to $99,000 for 3 or more family members.
“The reduced-interest financing provided by VHDA is a perfect complement to the City’s own homebuyer assistance efforts,” said Mayor William D. Euille. “The city has a long history of helping first-time homebuyers and we are dedicated to making homeownership both achievable and affordable for low- and moderate-income City residents and workers.”
To be eligible to participate in the city’s homeownership programs, individuals must be first-time homebuyers, and the home to be purchased must be located within the City of Alexandria. Funds are limited, so interested individuals are encouraged to inquire immediately and to register for a mandatory, free homeownership training offered through the City’s Office of Housing.