City Of Alexandria: City Of Alexandria Announces Award Of $7.1 Million In Virginia Housing Funding For First-Time Homebuyers

Press release from the City of Alexandria:

Sep 22, 2021 at 11:01 AM

The City of Alexandria is pleased to announce the availability of Sponsoring Partnerships & Revitalizing Communities (SPARC) funds to provide eligible first-time homebuyers with permanent financing for their home purchase. SPARC is a special allocation to local governments to reduce first trust mortgage interest rates. The City was awarded an allocation of $7.1 million in funding through a competitive solicitation, administered by Virginia Housing.

Virginia Housing directly provides the funds to eligible first-time homebuyers through their Virginia Housing lender. SPARC funds reduce Virginia Housing mortgage loans with a 1% lower interest rate than Virginia Housing’s published first-time homebuyer rate. SPARC financing is not a grant or a loan and does not require repayment. However, SPARC allocations are only reserved for individual homebuyers after the buyer has a ratified sales contract.

Homebuyers do not have to participate in the City’s Flexible Homeownership Assistance Program to use SPARC funding; but they may be eligible.

City’s Flexible Homeownership Assistance Program

Visit alexandriava.gov/Housing to learn how to obtain SPARC funding, or for more information about housing assistance programs and resources.

For inquiries from the news media only, contact Andrea Blackford, Senior Communications Officer, at andrea.blackford@alexandriava.gov or 703.746.3959.

For reasonable disability accommodation, contact gwen.lassiter@alexandriava.gov or call 703.746.4990, Virginia Relay 711.

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This news release is available at alexandriava.gov/124286.

This press release was produced by the City of Alexandria. The views expressed here are the author’s own.