Tag Archives: sparc

CSPDC Awarded $4.5 Million in SPARC Funds to Support First-Time Homebuyers

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Image of a key in the front door of a house

Virginia Housing’s Sponsoring Partnerships & Revitalizing Communities (SPARC) Program awarded CSPDC $4.5 million to help first-time homebuyers across the Central Shenandoah Valley. The announcement was shared with local lenders on September 8, 2025. This is the third consecutive year that CSPDC has sponsored the program, and its largest allocation to date.

Through the SPARC program, eligible buyers earning up to 120% of Area Median Income (AMI) receive a 1% reduction on Virginia Housing’s prevailing mortgage interest rates, a benefit that can save families thousands of dollars over the life of their loan. The program also complements CSPDC’s existing First-Time Homebuyer Program, which provides down payment and closing cost assistance to income-qualified households earning up to 80% of AMI.

Due to strong demand, allocations are often fully reserved in a matter of months, with the funds being offered on a first-come, first-served basis. With the previous allocation, the CSPDC was able to assist 11 households in purchasing homes: seven in Rockingham County, three in the City of Harrisonburg, and one in the City of Waynesboro. Each program participant completed a Virginia Housing Homebuyer Education course and received housing counseling from the Southeast Rural Community Assistance Project, Inc. (SERCAP).

“With this year’s allocation, the CSPDC is excited to help even more families achieve homeownership,” said Regional Planner Philippe E. Bone. “Our goal is to assist approximately sixteen buyers across the Central Shenandoah region,”

For more information about the CSPDC’s First-time homebuyer’s program and our other housing initiatives, visit the SPARC Program page on CSPDC Connects.

CSPDC Applies for Increased SPARC Allocation for First-Time Homebuyers’ Program

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In April 2025, the CPSDC applied for its third allocation of funds through Virginia Housing’s Sponsoring Partnerships & Revitalizing Communities (SPARC) Program. Building on the success of its previous efforts, the CSPDC is seeking $4.5 million in SPARC funding to support first-time, eligible homebuyers across the Central Shenandoah region.

The CSPDC first became a SPARC sponsor in 2023, with an initial $1.7 million allocation. Due to strong demand for more SPARC funds, the CSPDC asked for an allocation of $3 million the following year, which was fully expended by the end of the first quarter of 2025. Through this funding, the CSPDC helped a total of eleven homebuyers achieve homeownership, seven in Rockingham County, three in the City of Harrisonburg, and one in the City of Waynesboro. Each program participant completed Virginia Housing’s Homebuyer Education course and received housing counseling services from Southeast Rural Community Assistance Project Inc. (SERCAP).

The SPARC Program offers a reduced mortgage interest rate (a 1% adjustment below Virginia Housing’s prevailing home loan rates), potentially saving homebuyers thousands of dollars over the life of their loan. SPARC funds can also be used to complement the CSPDC’s existing First Time Homebuyer Program, which provides down payment and closing cost assistance to income-qualified homebuyers at 80% AMI or below. For more information about the CSPDC’s First-time homebuyer’s program, please contact Philippe Bone at 540-885-5174 or by email here.