EXPAND HOMEOWNERSHIP OPPORTUNITIES IN VIRGINIA WITH R-HOME
The Restorative Homeownership Pilot Program (“R-HOME”) will rectify some Virginians’ inability to access and build wealth through homeownership due to past discriminatory government policies like redlining, race-restricted deeds, and “urban renewal” projects that destroyed certain neighborhoods. These harmful policies forced disinvestment from predominantly Black neighborhoods and denied many of those neighborhood residents homeownership opportunities by making it difficult, if not impossible, to get low-interest mortgages.
The program will provide qualifying first-time homebuyers down-payment assistance, connections to credit repair and homeownership counseling, and funding to address deferred maintenance and improve energy efficiency. Help us expand homeownership opportunities in Virginia and tell the General Assembly to support R-HOME budget proposals!
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DETAILS: WHAT THE R-HOME BUDGET PROPOSALS DO:
The Restorative Homeownership Pilot Program (“R-HOME”) is a pilot program based in the Richmond Metropolitan area.
R-HOME will provide qualifying first-time homebuyers down-payment assistance ranging from 6% to 50% of the sales price of the home through forgivable second mortgages. R-HOME will also connect eligible participants to credit repair, homeownership counseling, and housing mobility counseling. Finally, R-HOME will provide funding to eligible existing homeowners to address deferred maintenance and improve energy efficiency.
R-HOME budget proposals, BA 114 #1h (Del. Bourne) and BA 114 #2s (Sen. Hashmi), ask for $10.9M for each of the next two biennia (2022-2024 and 2024-2026) with an annual cost of $5.45M. This is based on the following:
- $17.8M in down-payment assistance for approximately 200 eligible households
- $2M in grants to fund needed deferred maintenance for 50 eligible homeowners
- $2M (10% of the total appropriated for the above) for administration of the program