In July 2024, the CSPDC received its second round of funding from Virginia Housing’s SPARC Program. With over $3 million now available, the CSPDC plans to assist more first-time homebuyers in the Central Shenandoah region.
SPARC allows Virginia Housing’s approved lenders to offer a 1% reduction in mortgage interest rates for eligible first-time buyers, which can save them thousands over the life of their loan.
This funding will enhance the CSPDC’s existing First-Time Homebuyer Program, which helps with down payments and closing costs for buyers earning 80% or less of the area median income.
Additionally, the City of Harrisonburg has received SPARC funds, becoming the first area in Central Shenandoah to offer these interest rate reductions to future eligible homebuyers.