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

DATE: SUNDAY, February 17, 1991                   TAG: 9102180366
SECTION: HOMES                    PAGE: E-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

LOW-INTEREST LOAN PROGRAM AIMED AT LOW-INCOME FAMILIES

First preference for loans will go to people living in public housing or other rental properties and to those whose incomes are less than 50 percent of their area's median income.

The program is open to people whose income is 70 percent or less than the median income for the area, as determined by the federal government. The median income figures for the Roanoke Valley are Roanoke, $29,546; Roanoke County, $42,430; Salem, $35,373; and Botetourt County, $38,000.

The money will be allocated to local housing organizations or housing authorities, who will develop the housing. A provider for the Roanoke Valley should be selected in a few weeks, a Virginia Housing and Development Authority spokesman said.

The spokesman said the agency hopes to begin allocating the funds in May to local sponsors, who then will take loan applications.

The state housing authority has $20.5 million for the Urban Homeownership Opportunity Program, which is available in the state's eight metropolitan statistical areas. A similar program is available in rural areas.

The money comes from the authority's sale of bonds and from its housing fund.