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SPARC Multifamily Rental Programs

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
  • Homeless
  • People with disabilities.
  • Preservation
  • 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. 


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