Acquire, Renovate, Sell (ARS) will create affordable homeownership opportunities for low- to moderate- income (LMI), first-time homebuyers while allowing providers increased discretion over acquisition type, region, and resale. The program is the result of a partnership between DHCD, the primary administrator, and the Virginia Housing Development Authority (VHDA), the financial backing. Providers will acquire undervalued homes using their own lines of credit, renovate using ARS funding and other leveraged sources if necessary, and resell the property at fair market value to a first-time homebuyer. After the sale of the home, the ARS funding is returned, and the provider uses the net proceeds as program income to reinvest in local, affordable housing efforts and cover a portion of administrative costs. The ARS provider network is encouraged to leverage local, state, federal, and private resources during all three stages of their projects to increase the program’s overall effectiveness.
