| SRHA AWARDED $1.6 Million "SPARC"
FUNDING |
| TO INCREASE HOMEOWNERSHIP |
| In
an effort to increase housing stability, and to attract new homebuyers in
the City of Suffolk, |
| Suffolk Redevelopment and Housing Authority (SRHA) was
selected to receive $ 1.6 Million to assist in administering supportive
permanent financing for prospective homebuyers in the City of Suffolk.
Virginia Housing Development Authority (VHDA) has reserved
$1.6 Million of SPARC funds (Sponsoring Partnerships and Revitalizing
Communities) to stimulate homeownership to low-to-moderate income families
in the City of Suffolk.
Created by VHDA in 2002, the SPARC program encourages
innovative ideas and strategic partnerships |
| among local governments, redevelopment and housing
authorities, non-profit housing advocates and for-profit |
| developers to assist housing advocates in addressing
critical housing needs to preserve the older housing |
| stock. The SPARC program uses
mortgage revenue bond funds to provide financing at 1/2 to 1 percent lower
than |
| the authority's standard below-market rate. These
funds provide flexible and more constructive subsidy |
| to homebuyers varied from private local lenders.
Families with incomes at 80% or below the Area Median Income limits will be
able to utilize these funds as an easier approach toward affordability. In support of the planning effort to improve neighborhoods
in the Hall Place Neighborhood, the STOP Organization has partnered with a
developer to construct four (4) homes on vacant lots in the Hall Place
Conservation Area that have been targeted for acquisition and is listed in
the financing of these homes. The 1 percent below the standard VHDA's first time homebuyer's rate offered by SPARC will increase financing
opportunities for qualified applicants in the Hall Place Area as well as the
Orlando neighborhoods.
As a requirement, all prospective homeowners must enroll in
the First Time Homebuyers Educational Class, offered through SRHA, to be
considered a candidate for the new homes. Increasing
homeownership, expanding opportunities for affordable housing and working
with partners aids in fulfilling SRHA's mission and vision. SRHA is
thrilled to have received this award in an effort to enhance the quality
of life for our Suffolk citizens. |
