The Feb. 20 ARS how-to-apply workshop has been canceled due to inclement weather. Check back for a new date soon.
Acquire, Renovate, Sell (ARS) will create new affordable homeownership opportunities for low- to moderate-income, first-time homebuyers. Locally-based organizations that meet eligibility criteria will acquire, renovate and resell undervalued homes to first-time homebuyers. Under this program, the grantee will acquire the home using their own line of credit, renovate the home with ARS funding using other leveraged sources, if necessary, and resell the property at fair market value. The home will be marketed for the first 60 days to a first-time homebuyer, at which time the property can be sold to any LMI applicant who will occupy the home as their primary residence. ARS will allow grantees to have increased flexibility in several key areas to include acquisition type, region and resale.
A new round of funding will open in spring of this year. Interested local governments, nonprofits, housing authorities and planning district commissions (PDC) may attend upcoming how-to-apply workshops throughout the winter to learn more about the program and the application process. To find out more or register, visit https://dmz1.dhcd.virginia.gov/dhcdevents/registration.aspx?EID=306.
Eligible ARS organizations include local governments, nonprofits, housing authorities and planning district commissions (PDCs). ARS program funds are available for use throughout the commonwealth on any undervalued home. Funding to each grantee is available through a performance pool on a first-come basis.
ARS funds will provide a maximum of $45,000 per home for housing rehab. The $45,000 will include $2,000 to the grantee as pay for performance deliverables, $2,500 rehab specialist fee, and the remainder of $40,500 will be available for rehab draws and contingencies. The rehab funds will be used to remediate deficiencies in the condition of the home and place it in a comparable marketable state.