Alexandria launches program for first-time home buyers
Alexandria has announced a program to encourage first-time home buyers to settle in the city .
The effort is called the Community Homeownership Revitalization Program. The new funding program does not require repayment.
Alexandria was awarded $4 million through a competitive solicitation administered by the Virginia Housing Development Authority. Alexandria’s new funding only applies to VHDA mortgages and can reduce VHDA loans to 1 percentage point less that the state agency’s published first-time home buyer mortgage rate.
To qualify for Alexandria’s new funding, prospective homebuyers must meet the following criteria
· Have lived or worked in Alexandria for six months before requesting the funding;
· Have an annual household income at or below 100 percent of the area median, which ranged from $82,100 for a household of one to $126,600 for a household of five in 2018, according to Alexandria;
· Be a first-time homebuyer;
· Receive a first trust VHDA mortgage from a city of Alexandria-designated “Participating Lender;” and
· Purchase a home located within the city of Alexandria.