NORFOLK, Va. (WAVY) — Looking to buy your first home?
You could get up to $40,000 toward your down payment and closing cost for moving into one of three Norfolk neighborhoods. It’s an big increase from the $20,000 previously offered over the past few years through Homeward Norfolk, a program through Norfolk Redevelopment and Housing Authority and the city. It’s part of a greater Strengthening Neighborhoods initiative that also helps current homeowners rehab their homes.
“Most of the time, people have such a struggle getting together the down payment or the closing costs. When you’re buying a home, that’s typically the biggest hard stop,” said Ashley McDougal, a realtor with The Agency.
Those who earn between 80% to 120% of the area median income and who are buying their first home are eligible. The three neighborhoods currently in the program are Ingleside, Monticello Village and Oakdale Farms.
Here’s the range of incomes for those eligible. For example, someone who’s seeking a one-bedroom home has to have a household incoming between $55,450 and $83,150.
“If you were one of those people that fall in that bracket, it is such a good opportunity that it’s really hard to pass up,” said McDougal.
| Household Size | 1 Bedroom | 2 Bedrooms | 3 Bedrooms | 4 Bedrooms | 5 Bedrooms | 6 Bedrooms |
|---|---|---|---|---|---|---|
| 80% AMI | $55,450 | $63,400 | $71,300 | $79,200 | $85,550 | $91,900 |
| 120% AMI | $83,150 | $95,050 | $106,900 | $118,800 | $128,300 | $137,800 |
“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. While there is a widespread housing need, funding to support essential workers like school teachers, police officers and city employees is often limited. This initiative is a crucial resource for our community,” said LaShawn Fortes, Community Economic Development Director with NRHA.
The funding of $959,000 for the program was approved by City Council, and the new amount recently took effect.
“They felt that they put a little bit of money, they have rehab grants as well for homeowners … it would fill those neighborhoods trending up with more home-ownership and stability,” Fortes said.
Fortes said they currently have four clients approved through the program, and they’re actively searching for homes. They also helped three households in 2023 with $20,000 toward down payments and closing costs.
Each client has a dedicated, certified housing counselor to guide them through the process, Fortes says.
Fortes and NRHA hope these increases will help more of those in the “missing middle” be able to afford a home.
“We have funding for households under 80%, but we were like, we really need something for the missing middle, because they can be right over 80%, but there was no type of funding for them.”
You can learn more by contacting the HomeNet Homeownership Center at (757) 314-4202.
