February 3, 2011 – (RealEstateRama) — Loudoun County’s Public Employee Homeownership Grant Program offers a grant of a secured loan to income-eligible employees of the Loudoun County Government and Loudoun County Public Schools. The program assists low-to moderate-income public employees in purchasing a home in Loudoun County.
Administered by the Loudoun County Department of Family Services, the program offers grants in the amounts of $5,000 for the purchase of a home located anywhere within the county; $15,000 for the purchase of a foreclosed, bank-owned property in the county; or $25,000 for the purchase of a property in Loudoun County’s Neighborhood Stabilization Program (NSP) designated neighborhoods. More information on the NSP neighborhoods can be found at www.loudoun.gov/nsp.
Loans are forgivable at 20% of the loan amount annually over a five-year period, providing the employee does not leave employment, sell the home or no longer occupies the residence. If any of the above occurs, repayment of the remaining non-forgiven funds will become due and payable to the county either through repayment with proceeds of the sale or conversion to a repayable loan at 3% interest.
Standard eligibility requirements apply. Funds are limited and available on a first-come, first-served basis. Eligibility requirements for the program include:
- Must be a full or part-time (minimum 20 hours per week) non-probationary employee
- Shall not have been a resident of Loudoun County during the preceding 12 months. Note that first-time homebuyers are exempt from the residency requirement.
- Cannot own another home or real estate. Sale of currently owned property outside the county must be finalized prior to settlement on new property
- Must meet current eligible income range of $31,050 through $72,450, regardless of family size
For more information about the program and application procedure, contact Karen Thorson, Loan Specialist, at 571-258-3814 or karen.thorson (at) loudoun (dot) gov.
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Contact: Karen Thorson, Department of Family Services, 571-258-3814
