In July 2024, the CSPDC secured its second allocation of funding from Virginia Housing’s Sponsoring Partnerships & Revitalizing Communities (SPARC) Program. With over $3 million in SPARC funds now available for eligible first-time homebuyers, the CSPDC can help more individuals achieve homeownership in the Central Shenandoah region.
Through SPARC, Virginia Housing’s approved lenders can offer a 1% mortgage interest rate reduction to eligible first-time homebuyers, enhancing their purchasing power and potentially saving them thousands over the life of the loan. These funds will complement the CSPDC’s existing First-Time Homebuyer Program, which provides down payment and closing cost assistance to income-qualified buyers at 80% AMI or below.
Additionally, the City of Harrisonburg received an allocation of SPARC funds, making it the first locality in the Central Shenandoah to offer interest rate reductions to future eligible homebuyers.
For more information about the CSPDC’s First-Time Homebuyer Programs, please contact: Philippe Bone, philippe@cspdc.org.