News & Views
Piedmont Housing Alliance Has Low Cost Mortgage Funds For First Time Homebuyers
Low and moderate-income first-time homebuyers in the greater Charlottesville area have a new opportunity to access low-cost mortgage funds between now and June 30, 2014. Local affordable housing provider Piedmont Housing Alliance (PHA) received an allocation of $2.7 million in Community Homeownership Revitalization Program funds from the Virginia Housing Development Authority (VHDA).
First-time homebuyers who complete the VHDA First Time Homebuyer’s Class through PHA can apply through any local VHDA lender for these 30-year mortgages at 0.5 percent rate reduction over the standard VHDA rates (calculated daily; recently 3.125 percent). The income profile includes buyers with gross family incomes up to $87,400 (1-2 family members) and $101,200 (3+ family members); lower income limits apply in Louisa County. Additionally, buyers may be eligible for down payment assistance from PHA for up to 20 percent of the purchase price.
“We are tremendously excited for our first time homebuyer clients,” said PHA’s Executive Director, Frank Grosch. “This represents a huge opportunity for them to get into an affordable home at a great long-term interest rate.”
“PHA is grateful for our partnership with VHDA and local VHDA lenders who play a key role in home affordability throughout the state,” added Deputy Director Karen Reifenberger. “Long-term home ownership remains a critical element in anchoring community stability and promoting family financial security.”
Piedmont Housing Alliance is a non-profit affordable housing provider for the Thomas Jefferson Planning District in Central Virginia, including the city of Charlottesville and Albemarle, Fluvanna, Greene, Louisa, and Nelson counties. It is a “one-stop shop” for the full range of affordable housing services, including free housing counseling, access to affordable financing, and down payment assistance. PHA also develops and manages properties to ensure a supply of high-quality affordable housing to both renters and buyers. PHA is a HUD-certified housing counseling agency and a VA state Community Housing Development Organization (CHDO), and is certified by the US Treasury as a Community Development Financial Institution (CDFI).