[Archived] City of Alexandria Receives $4.28 Million for Loans to First-Time Homebuyers

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 Receives $4.28 Million
for Loans to First-Time Homebuyers

The City of Alexandria has received an allocation of $4,283,210 from the Virginia Housing Development Authority’s (VHDA) Sponsoring Partnerships and Revitalizing Communities (SPARC) program. A portion of these funds will be made available on a first-come, first-served basis to participants in the City’s Homeownership Assistance Program (HAP). In addition, funds will be made available to income-eligible employees of either public or private City-based schools and federal, state, or local government agencies based in the City.

The City anticipates providing a minimum of 28 SPARC loans at interest rates that are 1/2% to 1 % below VHDA's current rates, which would currently mean an interest rate of only 4.25%. According to Mildrilyn Davis, Director of the City’s Office of Housing, these funds will serve to greatly enhance the purchasing power of lower income City homebuyers. “Combining the SPARC program's very low interest rates with up to $35,000 in second trust assistance from the City can make homeownership much more affordable, often bringing monthly housing costs down to a level comparable to the cost of renting.” Ms. Davis noted.

Funds are limited and anyone interested is encouraged to inquire immediately.
To learn more, please contact the City of Alexandria Office of Housing at (703) 838-4622, TDD:(703) 838-5056.