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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 |