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.
A new historic marker has gone up at the 138-year-old Mount Salvation Baptist Cemetery, honoring the final resting place for a number of early Halls Hill leaders. The county installed…
Holiday parties are in full swing and RSVP Catering provides buffet entrees, hors d’oeuvres and more for office and family affairs.
Just before Christmas, Santa Claus and his helpers are coming to town, on a fire engine instead of an eight reindeer-powered sleigh. From Dec. 20-23, Saint Nick and his elves…
Legal Insider discusses the federal governments new stance on marijuana and how clearance holders may be impacted.
If you’re looking for a mental health professional in Virginia, Washington D.C., or Maryland, we can help.
We provide a confidential and convenient way to get the help you need from the comfort of your own home.
We offer a free 15-minute consultation to see if our services fit your needs.
The services we offer are:
Grab some friends and sign up for Parks & Rec’s Eugene J. Green Memorial Winter Basketball League! Adults 18+ can register teams of up to 12 people for the ten-game season. Cost is $765 per team. Games are Mondays and/or Wednesdays at Arlington Mill Community Center starting the week of Jan. 4. Sign up here by Dec. 11.
Join us as we celebrate the holiday of Chanukah! Enjoy delicious Latkes, hot cocoa, donuts and more!
Clarendon Menorah Lighting and Community Celebration
Experience the festival of lights!!
*Lighting of a giant 9 foot Menorah