VHDA’s Multifamily SPARC (Sponsoring Partnerships and Revitalizing Communities) Rental Housing program is an uninsured loan product to facilitate the construction or acquisition and/or rehabilitation of multifamily rental housing. This program provides low-interest rate financing to rental projects that address Virginia's most critical housing needs and meet the program's specific eligibility requirements. Multifamily SPARC targets affordable rental housing for the homeless, people with disabilities, preservation and revitalization. The SPARC Rental program is funded by REACH Virginia subsidy funds. This funding provides low, fixed-rate, long-term permanent financing for rental housing. The terms are flexible and the pricing is fixed at a rate lower than the market rate, but higher than some direct government financing products. Our interactive online pre-qualification tool for developers makes it easy to determine whether your project will meet SPARC eligibility requirements for rental housing funds.