June is National Homeownership Month: Spotlight on Local Programs
June is National Homeownership Month, a time to celebrate and promote the American Dream of owning a home. REALTORS® know that homeownership is the best investment an individual can make to build their personal wealth. June is a time to reiterate what REALTORS® across the country have always known, that it is in the best interest of the nation that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream in a safe, responsible way. to learn more about National Homeownership MonthClick here.
Throughout the month, we will highlight important programs available at the local, state and national level that promote the dream of homeownership.
At the local level, Loudoun County Government offers the following homeownership opportunity programs:
Affordable Dwelling Unit Program The ADU program provides newly constructed, affordable rental and for-sale housing for income-eligible citizens who live and work in the county as the first priority. More info on the Affordable Dwelling Unit Program.
Down Payment / Closing Cost Assistance Program (DPCC) First-time homebuyers purchasing a home either through the Affordable Dwelling Unit (ADU) program or purchasing an existing market rate home can borrow up to 10% of the sales price or $25,000, whichever is less, at 5% interest. This loan (used for the down payment and closing costs) is in the form of a second trust, payable over a 30 year period. More info on down payment assistance.
Public Employee Homeownership Grant Program (PEG)
This program offers a grant of a secured loan to full or part-time employees of the Loudoun County Government, Courts and Constitutional Officers, and Loudoun County Public Schools. Loans are forgivable at 20% of the loan amount annually over a five-year period providing the employee does not leave employment, sell the home, or no longer occupies the residence. The grant amount is $10,000 for the purchase of a home located within Loudoun County. Funding is limited and available on a first-come / first-served basis. Gross annual household incomes must fall within 30% to 70% of the Area Median Income. The current eligible income range is $35,150 through $82,050 regardless of family size. More info on the PEG Program.
Home Improvement Programs The Loudoun County Division of Housing and Community Development offers three Home Improvement Programs: The Emergency Home Repair and Accessibility Grant Program is available to homeowners who are at least 62 years old and/or have a household member with a disability. Household income must be at or below 50% of the Area Median Income (AMI). The Loudoun County Home Improvement Program (LCHIP) is available countywide to homeowners who have household incomes at or below 80% AMI. The Eastern Loudoun County Home Revitalization Program (LCHRP) is available to homeowners who live east of Route 15 and have household incomes at or below 100% AMI. More info on Home Improvement Programs.
Affordable Market Purchase Program (AMPP) AMPP enables eligible first-time homeowners with moderate income the opportunity to purchase a newly constructed townhouse or condominium. More info on AMMP.
Questions? Contact Brenda Morton, Government Affairs and Communications Manager, DAAR, email@example.com.