Affordable For-Sale Units
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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 (one person up to $68,000, two-person households up to $77,680, three-person households up to $87,360, and up to $97,040 for four-person households). 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
Virginia Housing Development Authority’s Community Homeownership Revitalization Program (CHRP). Buyers are recommended to receive a first-trust mortgage through a City designated Participating Lender. For more information, please contact Vicente Espinoza at 703.746.3087/
firstname.lastname@example.org. The following unit is available for sale:
- AVAILABLE FOR PURCHASE! 5203 Duke Street, #204, 1-bedroom, 1-bath condominium at Canterbury Square; priced at $171,500.
Set-aside Homeownership Program: This program provides a limited number of affordable, resale-restricted units in some newly constructed homeownership developments. The units are priced at levels affordable to low- and moderate-income first-time homebuyers and have long-term affordability requirements. No units are available at this time.
Resale Restricted Homeownership Program: 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 (up to $85,000 for one-person households, up to $97,100 for two-person households, up to $109,000 for three-person households, and up to $121,300 for four-person households). 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 Development Authority’s Community Homeownership Revitalization Program (CHRP) (see below). Buyers are recommended to receive a first-trust mortgage through a City designated Participating Lender. For more information, please contact Vicente Espinoza at 703.746.3087/
- UNDER CONTRACT! 3608 Valley Drive, 2-bedroom, 1-bath condominium unit at Parkfairfax; priced at $355,620. This unit is eligible for a loan of up to $75,000 in downpayment and closing cost assistance through the Flexible Homeownership Assistance Program.
UNDER CONTRACT! 200 N. Pickett St., Unit 301, 1-bedroom, 1.5-bath condominium unit at The Hallmark Condominiums; priced at $224,450 after the purchase discount of 9.85%. Eligible purchasers may receive a City shared equity loan of up to $50,000 through the City’s Flexible Homeownership Assistance Program. This home is also eligible for reduced mortgage interest rate financing through the Virginia Housing Development Authority’s Sponsoring Partnerships & Revitalizing Communities (SPARC) program. To qualify for SPARC and City financing, participants must complete a VHDA-sponsored homebuyer training class, followed by a two-hour individual counseling session.
Mortgage Interest Rate Reduction for First-Time Homebuyers
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 Development Authority (VHDA) and applies only to VHDA mortgages. SPARC funds reduce VHDA mortgage loans 1% lower than VHDA’s published First-Time Homebuyer mortgage interest rate. SPARC financing is an allocation; and not a grant or a loan. It does not require re-payment. However, SPARC allocations are only reserved for individual homebuyers after the buyer has a ratified sales contract.
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 VHDA’s Down Payment Assistance Grant and should work with their lender to apply for funds.
To qualify for a City of Alexandria-sponsored SPARC allocation, the prospective homebuyer must meet the following criteria:
- Live or work in the City of Alexandria for 6 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 VHDA mortgage from a City of Alexandria designated Participating Lender; and
- Purchase a home 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 VHDA lending partner and provide homebuyer with a VHDA first trust mortgage that meets VHDA 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/VHDA to reserve the necessary CHRP funds for individual home purchases (includes 1003, CHRP Reservation Form, Demographic Information Addendum, and verification of Alexandria residency or employment).
Process for Requesting a CHRP Allocation
Lenders and homebuyers who wish to use SPARC funding should contact Vicente Espinoza at 703.746.3087/ email@example.com.
Closing Cost and Downpayment Assistance for First-Time Homebuyers
Flexible Homeownership Assistance Program: 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. 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, download our program description here, or contact Vicente Espinoza at 703.746.3087/ firstname.lastname@example.org.
Additionally, the City of Alexandria offers the Employee Homeownership Incentive Program (EHIP) to employees of the City of Alexandria and the Alexandria City Public Schools which provides an interest-free, deferred payment loan of $10,000 for home purchases in the City of Alexandria. To apply or learn more, contact Vicente Espinoza at 703.746.3087/ email@example.com.
Virginia Housing Development Authority: VHDA offers free classes for first-time homebuyers on an ongoing basis throughout Northern Virginia. Classes are held in English and Spanish. Successful completion of VHDA pre-purchase training gives first-time homebuyers access to VHDA's below-market interest rates. Participants in the City’s homeownership program are required to complete a VHDA pre-purchase training class. To learn more or to register for an upcoming class, click here.
The City: The City offers free training opportunities covering a range of topics. To learn more, contact Vicente Espinoza at 703.746.3087/
New! The 2019 Condominium Survey provides publicly available information on condominium communities in the city. Click
here to learn more.