The Virginia Department of Housing and Community Development (DHCD) is now accepting applications for the Acquire, Renovate, Sell (ARS) program on a rolling basis until Sunday, July 25, 2021.
The ARS program strives to create affordable homeownership opportunities for low-to-moderate income (LMI), first-time homebuyers by renovating previously undervalued homes, while allowing providers increased discretion over acquisition type, region and resale.
Eligible providers include local governments, nonprofits, housing authorities, and planning district commissions (PDCs). ARS program funds are available for use throughout the Commonwealth on any undervalued home.
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.
We will be holding virtual Q&A sessions on April 22 from 4-5 p.m. and on April 30 from 10-11 a.m. to answer questions about the program and help interested parties navigate the application process. All Q&A sessions can be accessed using Google Meet link meet.google.com/xme-wuyq-amn, which includes a call-in option.
If you have any additional questions, cannot make it to the Q&A sessions or prefer a one-on-one meeting, please email Cheri Miles.
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