The NHP Foundation (NHPF) administers the program with help from the City of Falls Church HHS Dept.
NEW YORK, Oct. 5, 2023 /PRNewswire-PRWeb/ --The City of Falls Church has closed on the sale of the first two homes offered for resale to moderate- to low-income buyers under its Affordable Homeownership Program (CFCAHP), which utilizes funding from REACH (Resources Enabling Affordable Community Housing). REACH funding is made possible via state commitments made by VA Governor Northam in 2018, following Amazon's selection of Arlington County for its second headquarters location. These commitments, totaling $15 million annually for five years, support affordable housing initiatives in Northern Virginia using the additional revenues generated from Amazon's headquarters presence in the Commonwealth.
The City has received $3.4 million from the REACH program and has provided a $400,000 match, for a total budget of $3.8 million to provide affordable homeownership opportunities to participants who meet certain eligibility and prioritization requirements. A website, http://www.FallsChurchAHP.org, was launched to reach interested and eligible buyers.
CFCAHP has so far purchased three homes from private owners. For the first two homes that are being resold, NHPF oversaw energy-efficiency upgrades including new appliances, HVAC systems, lighting, and building envelope improvements. The homes are walkable to major amenities, including grocery stores, restaurants, cafes, and schools. A third home, which has two bedrooms and is located in the heart of the City, is still available for purchase.
CFCAHP is directly managed by NHPF in partnership with the City's Housing and Human Services Department. The City estimates that up to 18 qualified first-time homebuyers will be able to purchase homes through NHPF.
"The City of Falls Church's Affordable Homeownership Program is an important initiative to create equal access to not just housing, but also jobs, schools, and other important resources in a high-opportunity neighborhood. We're glad to be participating in a program that tries, in a small way, to address prior exclusionary housing policies," said Pamela Lee, Director of Development at NHPF.
The process is as follows: Homes are initially purchased by NHPF, which performs energy-efficiency upgrades before reselling the homes at below-market prices to qualified buyers earning between 50% and 120% of the area median income (AMI). Purchase prices will be marked down at prices up to $150,000 below market, and will vary depending on income level, household size, and financing.
To participate in the program, buyers must meet certain eligibility/prioritization requirements, be prequalified for a loan as a first-time homebuyer, and take Homebuyer Education Classes with Virginia Housing. The city is prioritizing first-time buyers who are seniors, who have disabilities, and who are homeless, and who work and/or live in the city. Buyers are encouraged to use a Virginia Housing approved lender and take advantage of the many homebuyer incentive programs Virginia Housing has to offer. People who are interested in participating in CFCAHP should visit https://fallschurchahp.org/ and fill out the Pre-Screening Form.
CFCAHP is seeking to purchase various types of homes including these first two townhouse-style condominiums. Homeowners in the City of Falls Church who are interested in selling their homes to the City should email [email protected]. The City is able to offer all-cash payments at competitive prices for qualified homes.
Director of Housing and Human Services Dana Jones expressed the City's commitment to creating a more inclusive and equitable community: "Today, we mark a historic moment in the City of Falls Church's pursuit of affordable homeownership. These first two closings are just the beginning of our efforts to make homeownership attainable for more of our residents." The program is part of the City's broader strategy to address housing affordability challenges, emphasizing the importance of long-term stability and community growth.
The preservation and creation of affordable housing are key components of the principles of the City's Comprehensive Plan and Affordable Living Policy.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and costs management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 57 properties, including nearly 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
SOURCE NHP Foundation