Workforce Housing Units at RiverLake Are Ready to Sell

How-to-Apply Workshops Scheduled for June 15 and 25

Thursday, May 30, 2013

The Department of Housing and Neighborhood Preservation is accepting 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. The 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 workforce housing units at RiverLake:

 

3-Bedroom

4-Bedroom

Sales Price

$279,400

$299,400

Workforce Housing Discount (Held by city as a 2nd Deed of Trust; requires no monthly payments)

- $69,850

- $74,850

Eligible Buyer Must be able to Finance

$209,550

$224,550

 

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 four, for example, is $58,640 to $87,960. 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.

There is no deadline to apply and eligible buyers will be placed on a waiting list on a first-come, first-served basis. Program details and the application for buyers are available at www.vbgov.com/workforcehousing 

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: six three-bedroom units and one four-bedroom unit. These units will be nearly indistinguishable from the other 35 homes at RiverLake and will be integrated throughout the development. A model home at RiverLake is now open seven days a week from noon to 5 p.m. For more information, visit www.riverlakeva.com.

Interested households are encouraged to attend a how-to-apply workshop on Saturday, June 15, from 10 to 11:30 a.m., or Tuesday, June 25, 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.

 

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

 

 

 

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