CONSENT AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

William G. Downey,  Scott District Supervisor

July 12, 2007

Staff Lead:

Department: 

Anthony I. Hooper, Deputy County Administrator

 County Administration

Topic: 

A Resolution to Authorize the County Administrator to Sign an Agreement Accepting Sponsoring Partnerships And Revitalizing Communities (SPARC) Grant Funds from the Virginia Housing Development Authority

Topic Description:

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

At its April 12, 2007, meeting, the Board of Supervisors authorized staff to apply for a SPARC grant to provide funding for a program to assist first time homebuyers 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 that will be available at below market interest rates. Public employees will be given priority for participation in the program.

On June, 18, 2007, VHDA awarded Fauquier County $1,000,000 in SPARC funding for its affordable housing program.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

A portion of the FY 2008 affordable housing budget will be used to provide the local funds required for this program.

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

Affordable Housing Committee