Norfolk housing authority program helps first-time home buyers
Lashawn Fortes, the NRHA homeownership director, said she's thankful to be able to educate residents in the community about the various resources that the housing authority provides.
'I remember when I bought my first house, I qualified for everything, but I wasn't educated to know what was available,' Fortes said.
The HOME Investment Partnership Program, known as HOME, was put in place by the city of Norfolk and the city's housing authority to expand the supply of decent affordable housing to low-to-moderate income households who choose to purchase a home in the Mermaid City.
'It's an allocation set aside for low- to moderate-income families to help them with that gap of financing for home ownership,' Fortes said.
Besides being a first-time homebuyer to qualify, your income must be below 80% of the area's median income, and you must live in the home for a set period of time.
According to Fortes, in the past you had to reside at the home for 15 years, but in the future, you will only have to reside at the home for 10 years.
Funding is first-come, first-serve, and there is a waiting period. But it's waiting that Norfolk residents like Martha Richardson, who along with her husband moved from New York City to Virginia, say is worth it.
'When my husband came down [on] his first trip, he loved it,' Richardson said. 'Actually, Virginia is for lovers because the minute he stepped in here he was in love.'
After months of renting, she wanted to own her own place, but she wasn't sure where to turn, that was until she got information about the Norfolk Redevelopment and Housing Authority. With help from the program, Richardson bought her first home.
'It does help,' Richardson said. 'You're not only educated, [but] you're also given monetary assistance to help you with that big first step.'
Said Fortes: 'Right now in this market, people are like, 'Do I buy or do I wait?' And that's a personal preference, but we educate them on the pros and cons.'
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