More than $19 million SPARC Funds Available to Assist First-Time Home Buyers

Posted by Virginia Real Estate

July 26, 2008

The Virginia Housing Development Authority has awarded $19,228,000 in Sponsoring Partnerships and Revitalizing Communities” (SPARC) funding to assist eligible first-time home buyers. The awards went to three programs:

$6,000,000 to the City’s Come Home to Norfolk program, (for 1 percent and ½ percent discounts)
$5,800,000 to Norfolk Redevelopment and Housing Authority (for 1 percent discounts)
$7,428,000 for the HomeNet Homeownership Center (for 1 percent discounts)

SPARC provides cities, housing authorities and other developers of single family housing the ability to discount the fixed interest rate of a VHDA mortgage loan for first-time homebuyers by up to 1 percent.

For more information on Come Home to Norfolk program you may call, 757.664.6770 or go to www.norfolk.gov/Planning/comehome.

For more information on the NRHA and HomeNet programs you may call 757.623.1111 or go to http://www.nrha.norfolk.va.us/

Over the years, the SPARC program has increased the homeownership rates within the City of Norfolk an is helping to strengthen its neighborhoods.

Combined with funds allocated to the Norfolk Redevelopment and Housing Authority and other housing providers in the city, Norfolk has received over $62,228,000 and has created over 300 new homeownership opportunities.

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