VHDA’s SPARC (Sponsoring Partnerships and Revitalizing Communities) Multifamily Rental Housing program is an uninsured loan designed to facilitate the construction or acquisition and/or rehabilitation of multifamily rental housing.
Multifamily SPARC provides low-interest rate financing to rental projects that address Virginia's most critical housing needs and meet the program's specific eligibility requirements. The program focuses on affordable rental housing for:
- Frail Elderly
- People with disabilities.
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.