City of Alexandria, VA
October 22, 2009
City of Alexandria Receives $7.7 Million in Funding for Homebuyer Assistance
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The City of Alexandria has been awarded $7.7 million from the Virginia Housing Development Authority (VHDA) to help make homeownership more affordable for households with members who live or work in the City. This funding is being provided through VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) Program.
The funding will be used in conjunction with the City’s Homeownership Assistance Program, which assists lower income households with annual incomes of up to $82,160 for a family of four, and Moderate Income Homeownership Program, which assists households with incomes of up to $102,700 for a family of four. SPARC funding will be enhanced with $936,955 in federal funds from the Neighborhood Stabilization Program, which targets communities that have been most affected by foreclosures.
“These funds provide an important complement to the City’s home purchase assistance programs,” said Alexandria Mayor William Euille. “The City has a long history of helping first-time homebuyers and we are dedicated to making homeownership both achievable and affordable for lower and moderate income City residents and workers.”