NAACP Arlington Branch Sponsoring Partnerships and Revitalizing Communities (SPARC) Program
Award: $7,700,000.00
Overview
The NAACP Arlington Branch is proud to administer the Sponsoring Partnerships and Revitalizing Communities (SPARC) program, a special allocation of reduced-rate funding made available by Virginia Housing. This program aims to support homebuyers, particularly Black individuals and people of color who live and work in Arlington County.
Program Description
Sponsoring Partnerships and Revitalizing Communities Program (SPARC) targets Virginia Housing’s limited financial resources to communities with the greatest need. These resources provide a set-aside allocation of funding for affordable first mortgages. SPARC lowers the interest rate on Virginia Housing’s first mortgage loans by one (1) percentage point from Virginia Housing’s published first-time homebuyer rate.
Virginia Housing's SPARC Program
Igniting the Opportunities for First-time Homebuyers
Concerned about rising home prices and interest rates? NAACP Arlington Branch can help!
Virginia Housing's SPARC program can help you qualify for a higher home price while
maintaining an affordable monthly mortgage payment. Through funding offered to
participating housing partners around the Commonwealth of Virginia, eligible first-time
buyers can obtain a 1% interest rate reduction on a Virginia Housing loan.
More Details
SPARC Program Eligibility Requirements
Available on Virginia Housing's bond first and second mortgages.
Subject property must be located in Virginia.
Funds are limited: first come, first served.
Can be combined with Virginia Housing's grant and Plus Second Mortgage.
Participating housing partners set the final eligibility requirements.
NAACP Arlington County SPARC Program Eligibility Criteria
To qualify for the NAACP Arlington County SPARC Program, applicants must meet the following criteria:
1. Be a resident of Arlington County or work in Arlington County
2. Be a first-time homebuyer or have not owned a home in the last three years
3. Meet specific income limits based on the Area Median Income (AMI) for Arlington County
4. Primary target recipients are Black individuals and people of color
5. Purchase a home within Arlington County or approved areas
6. Receive a mortgage loan from a Virginia Housing-approved lender
Authorized Locations to Purchase a Home
1. Arlington County
Outside of Arlington County within one of these Areas of Economic Opportunity / Targeted areas:
2. Alexandria City, Clarke County, Fairfax City, Fairfax County, Falls Church City, Fauquier County
Fredricksburg City, Loudoun County, Manassas City, Manassas Park City, Prince William County,
Spotsylvania County
Find a Real Estate Agent
Find an Approved VA Housing Loan Officer
Program Managers
Darlene Robinson
571-722-8116
Preferred method of contact
[email protected]
or
Garry Gaston
254-368-2303
[email protected]
Contact Garry Gaston for More Details
Garry Gaston
Chair, Economic Development and Labor Committee
[email protected]
Mobile Phone 254-368-2303
Disclaimer: This is not a solicitation for business. Garry Gaston is a licensed Real Estate Broker.