The board’s unanimous approval will make $500,000 in Moderate Income Purchase Assistance Program (MIPAP) funds available to seven or eight first-time homebuyers who qualify. The loans will be made available to residents at Buckingham Village 3, and other Buckingham neighborhood families, to help with down payments and closing costs on homes.
County Board Chair Mary Hynes explained that there has been a plan in place to help Buckingham residents who had been displaced by development.
“We had intended to create a homeownership option in Buckingham Village 3 — but, as the economy changed due to the recession, that option became prohibitively expensive,” Hynes said. “The board is fulfilling the spirit of our commitment to these residents, who might not otherwise have been able to stay in our community as homeowners.”
Last month, the county scrapped a plan to sell some of the units at Buckingham Village 3 as condos. At that time, county staff was instructed to find new ways to help lower income residents buy homes.
To be eligible for the loans, Arlington residents must earn less than 80 percent of the area median income, which is listed as $86,000 for a family of four. They also must not have owned a home in the past three years. Buyers can qualify for a subordinated loan of up to 25 percent of the purchase price, with a maximum loan amount up to $90,700.
Homeowners are not required to repay the loan until the home is either refinanced or sold. At that point, the owner must repay the loan to the county, plus up to 25 percent of the difference between the purchase price and the appreciated sales price.
Currently, about $3.6 million in MIPAP funds has been used to help about 236 borrowers purchase their first homes in Arlington.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
A former ABC News producer whose Columbia Pike apartment was raided by the FBI last year has been sentenced. James Gordon Meek, 53, pleaded guilty in July to transportation and…
Metrorail service was suspended on the Blue and Yellow lines today after a train derailed.
4 bedroom 3 bath 2 car garage 1/4 acre Jamestown Williamsburg Yorktown pyramid
At Generation Hope, we’re dedicated to supporting teen parents in college as they work toward earning their degrees. We are in need of caring child care volunteers for upcoming events on Saturday, October 21st (in Washington, DC), and Saturday, November 4th (in Arlington, VA). Join our growing volunteer community and support us at an event this fall!
At all of our events, we provide free onsite child care for the children of the teen parents we serve, creating a nurturing environment for the kiddos while their parents learn valuable life skills and build community.
If you enjoy working with children and are looking to make an immediate impact in your community, please visit https://www.generationhope.org/volunteer to learn more.
Join us for Arlington’s biggest civil rights & social justice event of the year. The banquet is back in person at the Arlington Campus of George Mason University.
Our keynote speaker this year is Symone Sanders from MSNBC and former Chief of Staff for Vice-President Kamala Harris.
The Master of Ceremonies is Joshua Cole, former state delegate, NAACP President, and local pastor.
Tickets/seating are limited. Purchase your ticket today! Sponsorship opportunities available.
Cody Chance and Dick Nathan of Long & Foster are hosting an online workshop on the topic of “down-sizing” Wednesday, October 4 from 5:30-7:00 p.m. Every great endeavor begins with a great plan. This workshop will give you the tools