The Department of Housing and Neighborhood Preservation is still accepting applications to determine eligibility for its Workforce Housing Program. Eligible applicants will be placed on a waiting list for the opportunity to purchase a workforce housing unit. The application package for buyers is available at www.vbgov.com/housing.
“The Workforce Housing Program allows eligible buyers to purchase a workforce housing unit with special financing that allows for more affordable monthly mortgage payments,” says Cheryl Smith, housing programs coordinator. “Even if a household isn’t ready to buy at this time, they can still go through the application process and, if they qualify, get placed on the waiting list for future workforce housing developments. It does not commit households to purchasing a workforce housing unit.”
To be eligible, the applicant or co-applicant must live or work full-time in Virginia Beach, cannot own other real estate, and must meet income and asset restrictions. Households must be able to pre-qualify for a first mortgage in the low $200,000 range.
Interested households are encouraged to attend a how-to-apply workshop on Monday, Nov. 14, from 6:30 to 8:30 p.m. to learn more about the program. The workshop will be held at the Meyera E. Oberndorf Central Library, 4100 Virginia Beach Blvd. To attend, register with Cheryl Smith at (757) 385-5742 or email@example.com. Space is limited.
On March 8, the City Council approved a rezoning application submitted by Geo Development Corporation for Riverlake, the city’s first development under the Workforce Housing Ordinance. Once completed, the development will consist of 42 single-family homes, seven of which will be sold to eligible buyers through the Workforce Housing Program. The workforce housing units will be nearly indistinguishable from the other units and will be evenly distributed throughout the development.
For more information about the Workforce Housing Program and the eligibility requirements for homebuyers, contact Cheryl Smith at (757) 385-5742 or visit www.vbgov.com/housing.