ARS Meet & Greet

Join us, as DHCD will be hosting a ARS Meet and Greet Acquire, Renovate, Sell (ARS) event with Virginia Housing's Homeownership division on Thursday, August 5, 2021. The ARS program strives to create affordable homeownership opportunities for low-to-moderate income (LMI), first-time homebuyers by renovating previously undervalued homes, while allowing providers increased discretion over acquisition type, region and resale.

Providers will acquire undervalued homes using their own lines of credit, renovate using ARS funding and other leveraged sources if necessary, and resell the property at fair market value to a first-time homebuyer. After the sale of the home, the ARS funding is returned, and the provider uses the net proceeds as program income to reinvest in local affordable housing efforts and cover a portion of administrative costs.

In an effort to assist our ARS Providers with marketing solutions for resale, DHCD has teamed up with Virginia Housing's Homeownership division. We have invited Virginia Housing's top loan officers to a meet and greet to learn about ARS initiatives and in addition discuss possible matches for homes under renovation or ready for market.  The loan officers have pre-approved home buyers ready to buy and our ARS Providers have homes ready for new owners.