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.