The Virginia Housing Development Authority has awarded James City County’s Office of Housing and Community Development (OHCD) an allocation of $1,080,000 of low interest rate financing. The funds will assist six qualified first-time homebuyers with purchasing new homes in the Ironbound Subdivision.
OHCD applied for the VHDA Community Homeownership Revitalization Program funds to provide home loans to qualified first-time homebuyers whose household income does not exceed the VHDA maximum limits. The interest rate on these loans will be one-half percent below VHDA’s standard homebuyer loan rate. Additionally, Ironbound Subdivision homebuyers may be eligible for down payment and closing cost assistance funds from Federal, State, and local programs available through the County’s First-time Homebuyers Program. The VHDA loan funds will be available for loans reserved before June 30, 2014.
New two, three and four bedroom homes in the Ironbound Subdivision are priced between $153,000 to $186,800. Interested first-time homebuyers with household incomes from approximately $33,000 to $100,800 should call the Office of Housing and Community Development at 757-259 5340 or visit jamescitycountyva.gov/housing.