March 1, 2019
FCRHA Approves Down Payment Assistance Program for First-Time Homebuyers
At its meeting on January 31, 2019, the Fairfax County Redevelopment and Housing Authority (FCRHA) approved a Community Development Block Grant (CDBG) Down Payment Assistance (DPA) Program for qualified low- or moderate-income first time homebuyers under the First-Time Homebuyers Program (FTHB). Under the CDBG DPA Program, the FCRHA will provide up to $10,000 in CDBG funds as a forgivable loan for FTHB Program purchasers with income below the CDBG income limits (set at 80 percent of Area Median Income) to reduce CDBG-eligible costs associated with buying a home. With $200,000 available for the CDBG DPA, the Department of Housing and Community Development (HCD) staff anticipate that twenty CDBG DPA loans will be provided to FTHB Program purchasers in calendar year 2019.
For more information about the program, please contact HCD’s Homeownership Division at email@example.com.