
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, July 13, 1990                   TAG: 9007130284
SECTION: VIRGINIA                    PAGE: A5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

STATE AIDS LOW-INCOME MORTGAGES

The Virginia Housing Development Authority has set aside $500,000 for mortgage loans with an interest rate of 5 percent to help low-income families in Roanoke purchase their first homes.

The authority has allocated the money to the Gainsboro Neighborhood Development Corp., a non-profit organization made up of individuals who work or live in the Gainsboro neighborhood.

The corporation will build 10 three-bedroom town houses on Madison Avenue Northwest. Construction is expected to begin this summer. The 1,050-square-foot houses will be sold for $49,950 apiece.

All of the houses that will be built through the program will have 30-year, fixed-rate mortgages. The principal and interest payments will be less than $270 a month.

"The low interest rate will make these homes affordable to families who never thought they would be able to purchase a house," said John Ritchie Jr., the authority's executive director.

Income qualifications for the loans are based on household size. For a household of two people or more, an applicant's annual income cannot exceed $25,400.

Individuals interested in applying for one of the low-interest rate loans should call Margaret Turpin at the Gainsboro corporation, 345-3367.

by CNB