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WEALTH BUILDING Our rigorous focus on community and economic development allows us to identify and present solutions to critical issues of major importance to individuals, homeowners, renters, and small business owners. Home Ownership Assistance Program - VHCDC’s First-Time Home Buyer Education Program (the Program) is our initiative to empower first-time home buyers and help prior homeowners get a second chance at owning a home or condo. As a client, you’ll access a dedicated team of professionals with the expertise and resources to move you from renter to home owner. The program is especially helpful to individuals and families that have been negatively impacted by low credit ratings (FICO scores), or have lost a home due to foreclosure or a short-sale. Our services include credit and financial counseling, first-time home buyer education, transition assistance (up to $2,500), and purchase assistance through out network of professional service providers. The Enrollment Fee is $99.95 per household. Click here to enroll and get started or Contact Us for pre-purchase and rental housing counseling only. HOMEownership Down-Payment and Closing Cost Assistance - The HOMEownership Down Payment & Closing Cost Assistance Program is a flexible gap financing program that provides opportunities for first-time homebuyers to obtain homes that are safe, decent, and accessible. The long term goal is sustainable housing and growth in personal wealth and equity for low-income Virginians. HOAP enrollees may be eligible for a HOMEownership funding of up to $25,000, subject to funds availability. Click here for eligibility. Investment Clubs - Investment clubs are a great tool for wealth-building. Monthly meetings provide excellent opportunities for learning about investing and the markets, strengthening business financial acumen, and building strong, long-lasting friendships and peer-networks. Additionally, these groups can be a valuable resource for local startups seeking a micro-loan or micro-equity investment. VHCDC provides technical assistance and resources to foster the growth of hybrid investment clubs throughout the Commonwealth of Virginia. We're helping individuals, particularly entrepreneurs and small business owners, create general partnerships that facilitate wealth building and the flow of capital to local entrepreneurs. SPARC - This Sponsoring Partnerships And Revitalizing Communities grant from Virginia Housing helps qualified buyers receive a 1% rate reduction on Virginia Housing mortgage bond financed loans. Click here for eligibility. Virginia Individual Development Account Program (VIDA) - The Virginia Individual Development Accounts (VIDA) program helps qualified individuals save for a down payment on a home. Eligible participants receive training, support and match funding on their savings. The current match rate is $10 for every $1 the participant saves, up to $10,000 in match. VHCDC offers the VIDA program in conjunction with its Home Ownership Assistance Program, where participants must complete twelve (14) hours of housing education and a minimum of two (2) hours of credit and financial counseling, among other requirements. Click here for eligibility! |
