Home buyers in search of affordable housing in the DC Metro may find more homes in their price range soon. The City of Falls Church has launched an Affordable Homeownership Program (CFCAHP), which will make $3.8 million available to support affordable homeownership. The City has received $3.4 million from Virginia Housing’s Resources Enabling Affordable Community Housing (REACH) program and has provided a $400,000 match, for a total budget of $3.8 million to provide affordable homeownership opportunities to employees and residents of the City.
CFCAHP is being directly managed by The NHP Foundation (NHPF) with support from the City’s Housing and Human Services Department. The City estimates that with this funding, up to 18 qualified first-time homebuyers will be able to purchase homes through NHPF.
“The Housing Commission has engaged with the City housing team on the Amazon REACH grant since the initial application,” said Meredith Anderson, Chair of the City of Falls Church Housing Commission. “Including an affordable home ownership component feels like a meaningful step towards expanding the diversity of affordable housing opportunities within the City.”
While the homes that result from these funds could include all property types — single-family homes, townhouses, and condominiums — most are expected to be condominiums, according to the city. Authorities estimate that once the program is established, it will take about one year for NHPF to purchase, rehabilitate, and resell all the homes.
“In my everyday conversations with clients, I know and understand the struggles of being able to afford a home and the need for an affordable homeownership program in the City,” said Kayleen Mark, Housing Specialist, Department of Housing & Human Services. “I am honored to be a part of the team administering a program that will be such a blessing and bring hope and opportunity to those we serve.”
NHPF already has a successful track record of managing this type of program. NHPF also currently manages the Winter Hill Apartments in the City of Falls Church. NHPF is in the process of acquiring three properties now.
;
