Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 14, 1990 TAG: 9007140040
SECTION: CURRENT PAGE: NRV1 EDITION: NEW RIVER VALLEY
SOURCE: KIM SUNDERLAND NEW RIVER VALLEY BUREAU
DATELINE: CHRISTIANSBURG LENGTH: Medium
The grant is from the Virginia Housing Development Authority, an independent financing group whose Affordable Housing Program enables low-income families to buy their first homes with 5-percent mortgages.
"This is a wonderful program," said Jeff London, assistant to the executive director of Virginia Mountain Housing. "We've been working on this for a couple of years and now it's fine-tuned."
Virginia Mountain Housing will begin construction this summer on about 20 houses in Radford and the counties of Floyd, Giles, Montgomery and Pulaski.
To qualify for a home, an applicant must have good credit and an annual income not exceeding $18,150.
Crestar Bank will process the applications, said London. Mortgage payments, estimated at less than $270 per month on a 30-year fixed mortgage, will be paid to the Virginia Housing Development Authority.
"The low interest rate will make these homes affordable to families who never thought they would be able to purchase a house," said the authority's executive director, John Ritchie Jr.
The authority was established in 1972 to encourage the investment of private capital from throughout the nation in affordable housing that is sold or rented to low-income families in Virginia.
The Affordable Housing Program is part of a revolving loan fund that tries to meet the needs of Virginia residents who aren't being helped by other housing programs.
The New Home Construction Program at Virginia Mountain Housing will build ranch-style homes with the $1 million grant.
"The homes will cost about $50,000," said London. "These aren't mansions, but they're nice homes."
For application information, call London at 382-2002.
by CNB