This loan program provides no-interest, deferred payment downpayment and closing cost assistance to first-time homebuyers purchasing a home through the Affordable Set-Aside Homebuyer Program, Neighborhood Stabilization Program, and Resale Restricted Homeownership Program only. Two income tiers  are used to determine the amount of assistance available to participants. Participants are strongly recommended to receive a mortgage by one of the City's Participating Lenders . To learn more, review the Program Description and Steps in the Homebuying Process, or contact Vicente Espinoza at 703.746.3087. 

The City of Alexandria offers the Employee Homeownership Incentive Program (EHIP) to employees of the City of Alexandria, Alexandria City Public Schools, Alexandria Commonwealth Attorney, Alexandria Clerk of Court, Alexandria Sheriff, 18th Circuit Court, 18th General District Court, 18th Juvenile and Domestic Relations Court, Alexandria Court Services Unit, Alexandria Law Library, Alexandria Registrar of Voters, Alexandria Public Library, and Alexandria Health Department who regularly work 20hrs per week or more. EHIP provides an interest-free, deferred payment loan of up to $15,000 for home purchases in the City of Alexandria. Eligible purchases include condominiums, townhomes, cooperative housing, and detached homes with a sales prices of $682,500 or less. There are income requirements. To apply or learn more, contact Sam Gates at 703.746.3076. 

Neighborhood Stabilization Program: Through this program, the City and its nonprofit partner, Rebuilding Together Alexandria, acquire and fully renovate distressed properties and offer these homes for sale to income-eligible, first-time homebuyers. The homes are available to homebuyers who live or work in the City of Alexandria and have a gross annual income below 80% of the area median income. Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the City's  Flexible Homeownership Assistance Program. Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through the Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) Sponsoring Partnerships & Revitalizing Communities (SPARC) program (see below). Buyers are encouraged to secure a first-trust mortgage through a City designated participating lender. For more information, please contact Vicente Espinoza at 703.746.3087. 

• 3330 S. 28th St., #301 - One-bedroom, one-bath condominium unit at Bolling Brook Condominiums. This unit, priced at $207,992. Click here for a complete listing of the property. UNDER CONTRACT!

This program provides a limited number of affordable, resale-restricted units in some newly constructed homeownership developments. The homes are available to first-time homebuyers who live or work in the City of Alexandria and have a gross annual income below 100% of AMI. Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program. Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) Sponsoring Partnerships & Revitalizing Communities (SPARC) program (see below). Buyers are encouraged to pursue a first-trust mortgage through a City designated Participating Lender. For more information, please contact Vicente Espinoza at 703.746.3087. 

• NO PROPERTIES ARE AVAILABLE AT THIS TIME

This program helps market resale-restricted units purchased with City assistance. The units are priced at levels affordable to low- and moderate-income first-time homebuyers and have long-term affordability requirements. The homes are available to first-time homebuyers who live or work in the City of Alexandria and have a gross annual income below 100% of AMI. Buyers may be eligible for a City shared equity loan of up to $50,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program (see below). Additionally, buyers may be eligible for a 1% mortgage interest rate reduction through Virginia Housing Sponsoring Partnerships & Revitalizing Communities Program (SPARC). Buyers are encouraged to pursue a first-trust mortgage through a City designated Participating Lender. For more information, please contact Vicente Espinoza at 703.746.3087.  

• NEW! 101 Evans Lane - Three-bedroom, one-bath semi-detached unit located in the Lynhaven neighborhood. This unit is priced at $650,000 (after a 3.93% discount from the market value). The unit features a living room with hardwood floors and a brick front fireplace, an open kitchen with new appliances, and much more. Click here for a complete listing of the property. For more information, please contact the listing agent, Ms. Wendy A. Gadson at 202-445-0226, or Vicente Espinoza at the Office of Housing at 703.746.3087. Buyers for this property may be eligible for a City shared equity loan of up to $70,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program.
• 5340 Holmes Run Park Way, Unit 518 - One-bedroom, one-bath condominium unit at Pavilion on the Park. This unit is priced at $197,400 and has a monthly condo fee of $500.94. Click here for a complete listing of the property. This property has a discount of 10.27% from the market value.
• 4860 Eisenhower Avenue, Unit 480 - One-bedroom, one-bath condominium unit at The Exchange at Van Dorn. This unit is priced at $258,924 with a monthly condo fee of $393. Click here for a complete listing of the property. This property has a discount of 8.50% from the market value. UNDER CONTRACT!
• 2500 N. Van Dorn Street, Unit 227 - Three-bedroom, two-bath condominium unit at Park Place. This unit is priced at $265,430 with a monthly condo fee of $910. Click here for a complete listing of the property. This property has a discount of 12.39% from the market value. Buyers for this property may be eligible for a City shared equity loan of up to $70,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program. UNDER CONTRACT!

The City of Alexandria Office of Housing is pleased to announce the availability of Sponsoring Partnerships & Revitalizing Communities (SPARC) funds to provide first-time homebuyers with permanent financing for their home purchase. SPARC funding supports the City of Alexandria’s efforts to increase affordable homeownership for income-qualified first-time homebuyers. This funding is made possible by the Virginia Housing (formerly Virginia Housing Development Authority (VHDA)) and applies only to Virginia Housing mortgages. SPARC funds reduce Virginia Housing mortgage loans 1% lower than Virginia Housing's published First-Time Homebuyer mortgage interest rate. SPARC financing is an allocation; and not a grant or a loan. It does not require repayment. However, SPARC allocations are only reserved for individual homebuyers after the buyer has a ratified sales contract. 

To qualify for SPARC financing with the City’s Flexible Homeownership Assistance Program, participants must complete a Virginia Housing-sponsored homebuyer training class, followed by a two-hour individual counseling session. Homebuyers do not have to participate in the City’s Flexible Homeownership Assistance Program to use SPARC funding, but they may eligible. Those interested should contact the Office of Housing. Homebuyers may also be eligible for Virginia Housing’s Down Payment Assistance Grant and should work with their lender to apply for funds. Click here for additional information on Virginia Housing services

To qualify for a City of Alexandria-sponsored SPARC allocation, the prospective homebuyer must meet the following criteria:

• Purchase a home located in the City of Alexandria corporate limits;
• Live or work in the City of Alexandria for six months prior to request for SPARC funding;
• Have an annual household income at or below 100% of Area Median Income;
• Be a first-time homebuyer, defined as someone having had no ownership interest in real property in the past three years (exceptions may be granted based on circumstances regarding a termination of prior ownership);
  
• Receive a first trust Virginia Housing mortgage from a City of Alexandria designated Participating Lender; and
• Purchased home must be located within the corporate limits of the City of Alexandria.

To provide City of Alexandria-sponsored SPARC funding, the prospective lender must meet the following criteria:

• Be a Virginia Housing lending partner and provide homebuyer with a Virginia Housing first trust mortgage that meets their loan requirements;
• Obtain designation from the City of Alexandria as a Participating Lender. To become a Participating Lender, mortgage institution must agree to provide loans per City of Alexandria requirements; as well as, successfully provide financing to at least 1 first-time homebuyer participating in the City’s Flexible Homeownership Assistance Program; and 
• Provide required documentation on behalf of borrower to City staff/Virginia Housing to reserve the necessary SPARC  funds for individual home purchases (includes 1003, SPARC Reservation Form, Demographic Information Addendum, and verification of Alexandria residency or employment).

Lenders and homebuyers who wish to use SPARC funding should contact Vicente Espinoza at 703.746.3087.