[Archived] City of Alexandria to Host Sixth Annual Home Ownership Fair Saturday, May 20, at T.C. Williams High School

City Press Release


	City of Alexandria, Virginia Office of the City Manager Alexandria City Hall 301 King Street, Suite 3500 Alexandria, Virginia 22314-3211 www.alexandriava.gov Telephone: 703.838.4300 Fax : 703.838.6343

Prospective home buyers can learn all about what is involved in buying a home at the City of Alexandria’s sixth annual Home Ownership Fair on Saturday, May 20, from 9:30 a.m. to 1 p.m., at T.C. Williams High School, 3330 King Street, in Alexandria. Information about new and existing homes that are for sale in Alexandria will be available from local real estate professionals.

The home ownership fair is again expected to attract more than 500 people, including many first-time buyers. The fair provides prospective home buyers with the opportunity to learn about all aspects of the home buying process. Representatives of lending institutions, real estate firms, and other elements of the housing industry will be on hand to discuss specifics of the home-buying process, including financial preparedness for home ownership.

Those in the market to buy a home in Alexandria can obtain information on a variety of housing programs, including those sponsored by the City of Alexandria’s Office of Housing that provide qualified applicants who live or work in the City up to $25,000 towards the purchase of a home in the City.

"Nearly 60 percent of Alexandria households are renters, and the City strongly desires to encourage as many of them as possible to become home owners," said Mildrilyn Davis, director of the City’s Office of Housing.

In today’s rental market, the typical two-bedroom apartment rents for $975 per month. The same monthly house payment would enable a prospective home buyer to afford a mortgage of $115,000. With the maximum level of home ownership assistance from the City, that prospective home buyer could afford a home with a purchase price of $140,000.

"The demand for affordable housing in the Washington metropolitan area is growing, but the supply is becoming increasingly limited," Alexandria Mayor Kerry J. Donley said. "Alexandria is committed to ensuring affordable housing opportunities for all of its citizens.

"Our home buyer assistance program can provide an affordable option for many families struggling to keep up with rising market rental rates."

People attending the fair can register for the City’s Home Ownership Counseling Program. They also can apply for on-the-spot mortgage pre-approvals and pre-qualifications from mortgage companies, and receive responses the same day. The fair will feature seminars in English and Spanish on such topics as "How to Buy a Home," "Affordable Financing," and "Credit Issues."