The dream of homeownership may become a reality for 31 first-time homebuyers thanks to funding awarded to James City County’s Office of Housing and Community Development from the Virginia Housing Development Authority (VHDA).

The Sponsoring Partnerships and Revitalizing Communities (SPARC) loan interest rate is one-half percent below VHDA’s standard first-time homebuyers’ rate. The low rate is available to qualified buyers who purchase designated homes constructed by developers and builders in the County’s Affordable Housing Incentive Program (AHIP). Homes are available throughout the community including New Town, Braemar Creek, Liberty Crossing, Williamsburg Villages at Norge, and Ironbound Square. The net sales price for homes being offered by participating builders and developers range from $149,000 to $222,660.

Interested first-time homebuyers with a household income between $37,000 and $67,900 can start the process by completing an AHIP application. Call the Office of Housing and Community Development at 259-5340 or by e-mail for details.

The latest allocation of SPARC loan funds is available through June 2010. Buyers receiving VHDA/SPARC loans may also be eligible to receive down payment and closing cost assistance through the County’s AHIP program. Contact the Office of Housing and Community Development for more information.