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The original item was published from 12/28/2015 11:06:07 AM to 12/28/2015 11:06:07 AM.

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Posted on: September 10, 2015

[ARCHIVED] Virginia Housing Development Authority sets aside funds for first-time homebuyers


The Virginia Housing Development Authority has set aside $1,000,000 of low-interest rate financing for use by homebuyers participating in the James City County’s Office of Housing and Community Development (OHCD) First-time Homebuyers Program. The funds will assist qualified first-time homebuyers with purchasing new homes in the Ironbound Subdivision, Liberty Crossing and Village at Candle Station.

OHCD applied for the VHDA Community Homeownership Revitalization Program funds to provide low interest rate financing to qualified first-time homebuyers whose household income does not exceed the VHDA maximum limits. The interest rate on these loans will be one-half percent below VHDA’s standard interest rate. Additionally, first-time homebuyers may be eligible for down payment and closing cost assistance funds from Hampton Roads Planning District Commission Homeownership Down Payment Assistance Program or other Federal, State and local programs available through the County’s First-time Homebuyers Program. The VHDA loan funds will be available for loans reserved before June 30, 2016.

First-time homebuyers with household incomes from approximately $38,000 to $93,800 who are interested in purchasing single family homes in Ironbound Square or townhouses in Liberty Crossing and Village at Candle Station should call the Office of Housing and Community Development at 757-259- 5340 or visit

Media Contact: Diana Hutchens, Community Services Director

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