November 5, 2015

Down Payment Grant a Big Success: Reviewing Results, Considering Next Steps

Today’s post originally appeared in VHDA’s Fall 2015 eNews. Sign up for VHDA eNews.

Earlier this year, VHDA introduced the Down Payment Assistance Grant as a pilot program. Since its launch in March 2015, through Sept. 30, when the grant reservation period came to an end, our Homeownership Division reserved in excess of 2,000 grants totaling approximately $12.3 million.

The program enhanced our ability to help first-time homebuyers, especially in Northern Virginia, with over 38 percent of grant resources serving that area. It also helped us serve a higher percentage of Hispanic borrowers in the Northern Virginia, Richmond and Hampton Roads areas.

What's next? VHDA is now evaluating the results of the grant program, its impact on homeownership, who was served, and other factors, to see if any programmatic adjustments are required.

Questions? Email VHDA's Loan Programs Manager, Janice Burgess.

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