Only Three Workforce Housing Units Left at RiverLake

Program Helps Eligible Homebuyers Save 25 Percent on Mortgage Payments

Tuesday, September 10, 2013

The Department of Housing and Neighborhood Preservation is continuing to accept applications for an opportunity to purchase a workforce housing unit at RiverLake, the first development in Virginia Beach under the city’s Workforce Housing Program. Only three three-bedroom units are available. Interested households should apply as soon as possible. Remaining units will be available on a first-come, first-served basis to eligible buyers.


The Workforce Housing Program helps eligible buyers purchase a workforce housing unit with special financing that allows for more affordable monthly mortgage payments. The chart below provides the cost for the remaining workforce housing units at RiverLake:




Sales price


Workforce housing discount (Held by city as a 2nd deed of trust; requires no monthly payments)

- $69,850

Eligible buyer must be able to finance



Eligible buyers must also pay or finance their own closing costs. Estimated household income needed to qualify depends on household size. The income required for a household of three, for example, is $52,776 to $79,164. To be eligible, households must live or work full-time in Virginia Beach, cannot own other real estate, and must meet income and asset restrictions. Occupancy and resale restrictions also apply. Program details and the application for buyers are available at

Interested households are encouraged to attend a how-to-apply workshop on Saturday, Sept. 21, from 10 to 11:30 a.m., or Monday, Sept. 23, from 6 to 7:30 p.m. Both workshops will be held at the Meyera E. Oberndorf Central Library, 4100 Virginia Beach Blvd. Attendance is not mandatory in order to apply for the Workforce Housing Program.


RiverLake, a development of Geo Development Corporation, is under construction at 4480-4488 Indian River Road in Virginia Beach. Seven homes will be workforce housing units. These units will be nearly indistinguishable from the other 35 homes at RiverLake and will be integrated throughout the development. All other non-workforce housing units are sold out. The model home is open by appointment only. For more information, visit

For more information about the program or to register for a how-to-apply workshop, contact Cheryl Smith at (757) 385-5742 or