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SPARC Financing Helps Spark First-time Homebuyer Loans

SPARC Round 7As part of the recent Round 7 SPARC (Sponsoring Partnerships and Revitalizing Communities) single family initiative, VHDA allocated more than $200 million to fund 66 housing organizations across the state, and expects this funding to generate some 1,200 loans to first-time homebuyers.

“We developed the SPARC program so that our diverse housing partners could provide customized programs that generally are not available from private lenders or through VHDA’s regular lending programs,” said Don Ritenour, VHDA’s Managing Director of Development. “Our partners are in the best position to design programs that combine their local, state and federal funding with our SPARC monies to make every dollar count.” Since the SPARC program was created six years ago, it has allocated more than $900 million to housing organizations to encourage homeownership throughout Virginia. For a complete list of Round 7 SPARC recipients, please see below.

Charlottesville-Central Valley
• Central Shenandoah Planning District Commission--$2.4 million to expand affordable housing opportunities on scattered sites within Planning District 6.
• Hope Community Builders--$2.4 million to create affordable EarthCraft® certified homes in Phase ll of the Covenant Heights subdivision located in the City of Harrisonburg.
• Piedmont Housing Alliance--$1.5 million to create affordable homeownership opportunities on scattered sites located in the Thomas Jefferson Planning District.
• Waynesboro RHA--$700,000 to create affordable housing opportunities by constructing five homes in a subdivision located at the intersection of 3rd Street and Jackson Avenue, and finance two homes in the City of Covington.

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Greater Richmond
• Better Housing Coalition--$5 million to construct and rehabilitate homes in the Church Hill, Carver and Blackwell neighborhoods.
• Elder Homes Corporation--$1 million to construct homes in eastern Henrico County and rehabilitate two homes in Carter/Newtowne.
• High Street Lofts, LLC--$1 million to convert the former Seward Luggage building into 24 residential condominiums.
• Housing Opportunities Made Equal--$2 million to help borrowers buy existing homes on scattered sites located within the service area.
• Pathways--$750,00 for new construction of affordable homes located in the Battersea section of the City of Petersburg.
• Petersburg RHA--$2.5 million to create affordable homeownership opportunities in the neighborhoods of Van Buren Estates and Cedar Lawn; resources will also be available to serve surrounding counties.
• Richmond RHA--$4 million to the Neighborhood Homeownership Initiative to convert recently rehabilitated homes by RRHA from rental to affordable homeownership opportunities.
• Southside Community Development & Housing Corporation--$6 million to create affordable homeownership opportunities on scattered sites in the neighborhoods of Church Hill, Blackwell/Swansboro, Bellemeade and Highland Park.
• Staats Family of Virginia, LLC--$1.5 million to help borrowers buy existing newly constructed homes in an Enterprise Zone located in the City of Richmond near Brookland Park Boulevard and Rady Street.
• Virginia Local Initiatives Support Corporation--$1.5 million to create affordable homeownership opportunities on scattered sites within target neighborhoods that are part of the Petersburg Neighborhood Revitalization Initiative.
• Vision Integration Services--$3 million to provide financial resources to underserved populations.

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Hampton Roads-Chesapeake Bay
• Accomack-Northampton HRC--$750,000 to create homeownership opportunities for existing affordable homes on scattered sites within the community.
• Bay Aging dba Bay Family Housing--$1 million to create workforce homeownership opportunities for existing affordable homes on scattered sites, as well as affordable new construction within the community.
• Boyd Corporation dba Boyd Homes--$2 million to expand affordable housing opportunities with condominiums in Virginia Beach and single family detached homes in the Cascade Creek and Cypress Woods communities in Chesterfield County and the Castleton community in Henrico County.
• Center for Community Development, Inc.--$500,000 for homeownership opportunities for new construction and renovated homes within the federally targeted areas of the Hampton Roads MSA, with concentrated efforts in the neighborhoods of Brighton, Prentis Park and Stuart Gardens.
• Chesapeake Homes--$2 million for new condominium developments located in Suffolk, Portsmouth, Hampton, Virginia Beach and Williamsburg.
• Chesapeake RHA--$2 million for existing affordable homeownership opportunities on scattered sites, new mixed-income development located in the South Norfolk area and a pilot program promoting workforce housing for municipal employees.
• City of Norfolk--$6 million for existing affordable homeownership opportunities and new construction on scattered sites, with priority given to buyers purchasing homes in revitalization and conservation areas.
• County of York--$1 million for affordable homeownership opportunities for existing homes and new construction on scattered sites.
• Dragas Associates, Inc.--$3 million for new condominium developments of Ridgely Manor, and workforce housing in The Villas at Bellamy and Brighton Park at Green Briar.
• Franciscus Homes, Inc.--$2 million for affordable homeownership opportunities in Bridgewater at Eagle Harbor to support workforce housing in Isle of Wight.
• Gateway at SoNo Development, LLC--$3 million to support community revitalization efforts for the Gateway at SoNo mixed-use/mixed-income development.
• Hampton RHA--$3 million for infill new construction and existing affordable homes located on scattered sites; $2 million to support community revitalization efforts for new construction and existing properties located in the five strategic Master Plan areas of Hampton.
• Health-E-Community Enterprise of Virginia, Inc.--$5.3 million for affordable EarthCraft certified homes in the Pocahontas Square and Chestnut Grove Communities.
• HHHunt Homes Hampton Roads, LLC--$2 million for construction of affordable EarthCraft certified condominiums, Weatherly at White Hall, located in James City County.
• James City County--$4 million to expand affordable housing opportunities with new construction in Liberty Crossing and existing homes on scattered sites.
• Mowill, LLC--$2 million to modernize and preserve affordable housing stock through the condo conversion of Williamsburg Commons.
• Newport News RHA--$3.5 million to support community revitalization through new construction and rehabilitated homes located in the Southeast Community Corridor neighborhoods of Madison Heights and Jefferson Park; $4 million to expand affordable homeownership opportunities for existing homes on scattered sites in the City of Newport News.
• Norfolk RHA-HOME--$5.8 million to expand affordable housing opportunities with newly constructed homes in the areas developed by Beacon Light.
• Norfolk RHA-HomeNet--$7.4 million to support community revitalization efforts with newly constructed, energy efficient homes located on scattered sites within the Title 36 areas of the City of Norfolk.
• Portsmouth RHA--$3 million to expand affordable homeownership opportunities with new construction in the Westbury and Brighton neighborhoods and existing homes located on scattered sites.
• Scenario, Inc.--$500,000 to create affordable housing opportunities with modular units to be located in Northumberland County.
• Suffolk RHA--$1 million to expand affordable housing opportunities with newly constructed, universally designed homes in the Boston community.
• Virginia Beach CDC--$2 million to expand affordable homeownership opportunities with a citywide first-time homebuyer program that offers recently rehabilitated government foreclosed homes, as well as new construction on infill lots.

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Northern Tier
• AHC, Inc.--$1.5 million to expand affordable housing opportunities with new construction of ENERGY STAR certified condominiums located in the Nauck neighborhood of South Arlington.
• Arlington County Government--$14 million for assistance to borrowers purchasing market rate homes and subsidized (ADU) homes, as well as those participating in the Employer Assisted Housing initiative.
• Blue Ridge Housing Network (BRHN)--$2 million to expand affordable homeownership opportunities with new construction and existing homes on scattered sites located with the BRHN service area.
• Central Virginia Housing Coalition--$2 million to expand affordable housing opportunities with new construction townhomes and single family detached homes in Caroline and Orange Counties.
• City of Alexandria--$15.2 million to expand affordable housing opportunities with new construction and existing homes on scattered sites located in the City of Alexandria.
• City of Falls Church--$1 million to expand affordable homeownership opportunities with existing condominiums, ADUs and recently foreclosed properties on scattered sites throughout the City of Falls Church.
• City of Manassas Trust Fund, Inc.--$3 million to support community revitalization efforts by targeting resources to recently foreclosed properties; $2.5 million to expand affordable housing opportunities with existing homes on scattered sites located in the City of Manassas.
• Fairfax County RHA--$16 million to expand affordable housing opportunities with new construction, ADUs and foreclosed properties located in Fairfax County.
• Loudoun County Dept. of Family Services--$4 million to expand affordable homeownership opportunities with ADUs providing sales prices at 50 percent of market value; $3 million to expand affordable housing opportunities with resources targeted to areas of heaviest subprime purchase loans and subsequent foreclosure activity.
• Prince William County--$4.2 million to support community revitalization efforts with existing homes located on scattered sites.

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Roanoke-Blacksburg-Lynchburg
• Blue Ridge Housing Development Corp.--$1.5 million to support the community revitalization efforts of Project GOLD; $1.5 million to expand affordable housing opportunities with existing homes on scattered sites located in the cities of Roanoke and Salem and the counties of Roanoke and Botetourt.
• County of Pulaski--$1 million to expand affordable homeownership opportunities with existing homes on scattered sites.
• Lynchburg Neighborhood Development Foundation (LNDF)--$500,000 to address the housing needs of minorities and diverse cultures with affordable existing homes on scattered sites or newly constructed LNDF homes; $1.5 million to expand affordable housing opportunities with new construction and existing homes on scattered sites.
• Total Action Against Poverty (TAP)--$300,000 to support community revitalization with renovation of properties located on Keswick Street in the Town of Clifton Forge; $990,000 to expand affordable housing opportunities with existing homes on scattered sites in the TAP service area.
• Town of Pulaski--$1 million to expand affordable housing opportunities with new construction and existing homes on scattered sites.

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Southern Tier
• Danville RHA--$1 million to support community revitalization with Seeland Crossing HOPE IV lease/purchase development; $1.5 million to expand affordable homeownership opportunities with existing homes on scattered sites throughout the City of Danville.
• Little Ten Housing Authorities (LTHA) of Southwest VA--$5 million to expand affordable housing opportunities with existing homes on scattered sites, rehabilitation of homes and new construction of affordable homes in underserved areas serviced by LTHA.
• SCORE, Inc.--$500,000 to expand affordable housing opportunities with new construction in the mixed-income Silver Trail subdivision located in Brunswick County.
• Telamon Corporation--$2 million to expand affordable housing opportunities with new construction and existing homes on scattered sites in the counties of Brunswick, Franklin, Halifax, Henry, Mecklenburg, Patrick and Pittsylvania and cities of Danville and Martinsville.
• Community Housing Partners Corporation--$5 million to expand affordable homeownership opportunities with new construction, renovated and existing homes on scattered sites throughout Virginia. 

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