AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

William G. Downey,  Scott District Supervisor

April 12, 2007

Staff Lead:

Department: 

Anthony I. Hooper, Deputy County Administrator

County Administration

Topic: 

A Resolution to Authorize the County Administrator to Submit an Application to the Virginia Housing Development Authority for Sponsoring Partnerships and Revitalizing Communities Grant Funds and to Develop a Program to Assist Local Government Employees to Purchase Homes in Fauquier  County

 

Topic Description:

The Virginia Housing Development Authority (VHDA) provides, through the Sponsoring Partnerships And Revitalizing Communities (SPARC) program, grant funding to local governments to fund permanent home mortgages to qualified homebuyers at advantageous interest rates. 

The purpose of this program is to assist first time homebuyers  (defined as individuals who have never owned a home, or individuals who have not owned their primary residences for at least three years) who cannot, on their own, afford to purchase homes.  Potential homebuyers must complete an application and must meet criteria established by VHDA and the local government in order to be eligible for these mortgage funds.   

The program would be offered to local government employees working in the County who wish to live in Fauquier County.  The current housing prices make it difficult for many public employees to achieve this goal.  There are benefits to the County of having employees such as public safety officers,  school teachers  and others being  participating members of the community.  Guidelines for the program will be developed for the consideration and approval of the Board

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

A portion of the budgeted affordable housing funding will be used to assist local municipal employees to be eligible for SPARC mortgages.   

 

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Affordable Housing Committee

 

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