[Archived] City of Alexandria to Sponsor Annual Homeownership Fair

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

City of Alexandria to Sponsor Annual Homeownership Fair

Buying a home in today’s competitive real estate market can be a daunting experience. In an effort to help potential buyers navigate the challenges of the home buying process, the City of Alexandria is sponsoring its eighth annual Homeownership Fair on March 23, from 9:30 am to 1 pm at T.C. Williams High School, 3330 King St, in Alexandria. This event is free and open to the public.

The City’s Homeownership Fair will feature information booths and presentations by local real estate professionals, lenders, and housing counselors who will be available to help home buyers along the path to home ownership. These representatives can assist potential buyers find the right home, shop for an affordable home loan, and in address potential pitfalls in the home buying process.

The Fair will provide an opportunity for individuals interested in purchasing a home in Alexandria to gather a range of information in one location, and at no cost. Last year’s Homeownership Fair attracted more than 400 potential home buyers who took advantage of the Fair’s information booths and home ownership seminars, which are offered in both English and Spanish.

Renters often believe that home ownership is out of reach for a variety of reasons. They may be surprised to learn that an Alexandria renter paying the current average monthly rent of $1,176 for a two-bedroom apartment could purchase a home valued at approximately $127,000, with no increase in monthly payments. For those renters who have been unable to save the down payment needed to purchase their first home, a number of new loans and assistance programs require little or no down payment.

Perhaps the biggest benefit available to those living or working in the City of Alexandria are the City’s home ownership assistance programs. Households with incomes up to $79,500 may be eligible to receive assistance through no-interest, deferred payment loans for down payment and closing costs. Program participants may receive assistance of up to $35,000, based on household income, through these 99-year deferred payment programs. Eligible participants must provide a cash contribution ($2,000 to $3,000) toward the purchase of their home.

Purchasers participating in the City of Alexandria’s home ownership assistance programs have the added benefit of free housing counseling. The counseling program features a group training session, followed by two hours of individual counseling, available in both English and Spanish.

Additionally, the City has recently received funding through the Virginia Housing Development Authority’s Sponsoring Partnerships and Revitalizing Communities (SPARC) program to provide special below-market rate first trust financing to government and school employees, and to employees of businesses participating in Employer Assisted Housing programs.

Additional information on the Homeownership Fair is available through the Office of Housing at 703.838.4622.

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