Sponsoring Partnerships and Revitalizing Communities Program (SPARC) – Provides funding for affordable first mortgages that support a local jurisdiction’s efforts for targeted revitalization and neighborhood stabilization. Allocations must be used to fund permanent home purchase mortgages to qualified Virginia Housing first-time homebuyers.
Blue Ridge Housing Network, Inc. received $1,632,000.00 to be used to provide mortgage loans to support. This funding is for Frederick, Page, Shenandoah and Warren Counties and the City of Winchester only.
The discounted interest rate at 1% below the applicate rate for Virginia Housing applicable loan program. In no event shall the interest rate for the Virginia Housing mortgage loan be reduced to a rate less than 2%. The term of such mortgage loans shall be 30 years.