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Virginia Housing Development Authority Awards Funds to James City County for First-time Homebuyers

October 19, 2009
FOR IMMEDIATE RELEASE


Contact:  Rick Hanson, Director of Housing and Community Develeopement
              

Phone: (757) 259-5340

Email: rhanson@james-city.va.us

 

Virginia Housing Development Authority Awards Funds to James City County for First-time Homebuyers

 

James City County’s Office of Housing and Community Development (OHCD) has been awarded two allocations totaling $5,560,000 of low interest rate financing by the Virginia Housing Development Authority to assist 31 qualified first-time homebuyers to purchase homes constructed by developers and builders participating in the County’s Affordable Housing Incentive Program (AHIP).  The loans are from VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) loan program.  OHCD applied for SPARC funds to provide home loans to qualified first-time homebuyers with incomes which do not exceed the area median income.  The interest rate on these SPARC loans will be one-half percent below VHDA’s standard first-time homebuyers rate.  Qualified buyers may purchase designated properties in New Town, Braemar Creek, Liberty Crossing, Williamsburg Villages at Norge, and Ironbound Square, as well as a limited number of new or rehabilitated homes in scattered locations.  Additionally, buyers receiving VHDA/SPARC loans may also be eligible to receive down payment and closing cost assistance funded by federal, state, and local programs available through the County’s AHIP program.

 

The net sales price for the homes being offered by participating builders and developers range between $149,000 to $222,660.  The loan funds from this latest SPARC allocation are available for loans reserved from now through June 2010.  Interested first-time homebuyers with household incomes from approximately $37,000 to $67,900 ($63,000 for one or two person households) should request an AHIP application by calling the Office of Housing and Community Development at 259-5340 or by email to ohcd@jamescitycountyva.gov

 

 

 

 

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