[Archived] News Release - City of Alexandria Receives $19.75 Million to Assist First-Time Homebuyers

City Press Release


	For Immediate Release	For More Information, Contact
	August 22, 2007 PIO# 205-07/jlh	Jennifer Harris, Communications Officer, at 703.838.5078

City of Alexandria Receives $19.75 Million to
Assist First-Time Homebuyers

The City of Alexandria has been awarded new allocations of funding from the Virginia Housing Development Authority (VHDA) to help make homeownership more affordable for people who live or work in the City. This funding, totaling almost $20 million, is being provided through three programs administered by VHDA: the Sponsoring Partnerships and Revitalizing Communities (SPARC) Program, HomeStride, and the FlexSPARC Program.

The newly released VHDA SPARC and HomeStride funding will be used in conjunction with the City’s Homeownership Assistance Program (HAP) and Moderate Income Homeownership Program (MIHP). The HAP Program assists lower-income households with annual incomes of up to $60,000 for a family of four, while the MIHP Program provides assistance to households with incomes of up to $94,500 for households of 3 or more. FlexSPARC funding will be targeted to higher income households (up to $135,400 annually) that do not qualify for assistance through the HAP or MIHP programs.

“VHDA continues to play an important role in helping make homeownership both achievable and affordable to first-time homebuyers in the City,” said Alexandria Mayor William Euille. “These creative programs complement the City’s own homebuyer assistance efforts and will further our goal of attracting and retaining City residents and workers through affordable homeownership.”

Participants must be first-time homebuyers and the home they purchase must be located within the City of Alexandria. All funds are limited and anyone interested is encouraged to inquire immediately. For more information, call the City of Alexandria’s Office of Housing at 703.838.4622 or TDD at 703.838.5056.
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