Local News in Virginia
Norfolk Program Offers First Time Homebuyers $40,000
“As the economy thrives, Norfolk’s Homeward Norfolk program takes a bold step by offering first-time homebuyers an increased incentive of $40,000. Designed to overcome initial barriers, this initiative aims to empower families in the competitive real estate market, fostering homeownership in designated neighborhoods.”
#HomewardNorfolk #FirstTimeHomebuyers #NorfolkRealEstate #Homeownership
By Rosaland Tyler
Associate Editor
New Journal and Guide
At a time when Commerce Department records show the economy is vigorous and the GDP expanded 3.1 percent in 2023, some first-time homebuyers in Norfolk may qualify for $40,000 to buy their first home.
It’s a big increase from the $20,000 previously offered over the past few years through Homeward Norfolk, a program of the Norfolk Redevelopment and Housing Authority and the city. Norfolk City Council approved $959,000, which recently took effect.
Here are the guidelines for potential first-time Norfolk homebuyers. To qualify, a one-person household can make between $55,450 and $83,150; a two-person household can make between $63,400 and $95,050; and a three-person household can make between $71,300 and $106,900. First-time homebuyers can choose homes in three neighborhoods: Ingleside, Monticello Village and Oakdale Farms.
The initial costs and the down payment are “typically the biggest stop,” said local realtor Ashley McDougal. “This is a much-needed increase to help families gain access to homeownership in a real estate market where low inventory and high interest rates are pricing out middle-income families.”
Buyers should know that the median sales price of existing homes rose has risen 6 percent from $275,000 to $292,000 from year to year.
Community Economic Development Director LaShawn Fortes, who works with NRHA, said, “This initiative is a crucial resource for our community. Potential homebuyers will work with a dedicated, certified housing counselor to find the path forward to the missing middle.”
“We have funding for households under 80 percent, but we were like, we really need something for the missing middle, because they can be right over 80 percent, but there was no type of funding for them,” Fortes said.
For more information, contact the HomeNet Homeownership Center at (757) 314-4202.
