Falls Church Affordable Homeownership Program To Sell Homes At Below-Market Prices

FALLS CHURCH, VA — The Affordable Homeownership Program is being launched in the City of Falls Church to help city employees and residents purchase homes below market prices.

The $3.8 million program is supported by $3.4 million of Virginia Housing’s Resources Enabling Affordable Community Housing funds and a $400,000 match from the city. The funds are part of Amazon's $15 million funding commitment to affordable housing in Northern Virginia due to its selection of Arlington County for its second headquarters.

City government estimates up to 18 qualified first-time homebuyers will purchase homes through the program. Home purchase prices will be up to $170,000 below market value, depending in income, household size and financing. Most of the homes are expected to be condominiums but can also include single-family homes and townhouses.

Qualified buyers would make between 50 percent and 120 percent of the area median income. The city will prioritize seniors, people with disabilities, people experiencing homeless, and people living or working in the city.

Mihai Statie, an emergency management specialist with the Office of Emergency Management, hopes his family can be one of the first to buy a home through the program.

"There is no place like home, especially your own home," said Statie in a statement. "Homeownership is one of the greatest achievements and my family takes great pride in our ability to become homeowners."

The program will be managed by the NHP Foundation with support from the city's Department of Housing and Human Services. NHP Foundation will buy the homes, make limited repairs and improvements, and sell them to qualified homebuyers below market prices. The city estimates it will take one year for the NHP Foundation to purchase, repair and sell all the homes.

"In my everyday conversations with clients, I know and understand the struggles of being able to afford a home and the need for an affordable homeownership program in the City," said Kayleen Mark, a housing specialist at the city's Department of Housing and Human Services. "I am honored to be a part of the team administering a program that will be such a blessing and bring hope and opportunity to those we serve."

To qualify for the program, residents must meet requirements such as being prequalified for a loan as a first-time homebuyer and take Virginia Housing's Homebuyer Education Classes. Buyers will be encouraged to use a Virginia Housing approved lender and utilize Virginia Housing's homebuyer incentive programs.

To learn more, visit www.FallsChurchAHP.org.