Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, April 3, 1990 TAG: 9004030594
SECTION: VIRGINIA PAGE: A-4 EDITION: METRO
SOURCE: SANDRA BROWN KELLY BUSINESS WRITER
DATELINE: LENGTH: Medium
The program is designed to help low- and moderate-income families that have never owned a home buy one. Part of the purchase package is a 4 percent loan covering purchase price and rehabilitation costs, restricted to $40,000 total.
Bud Cheney, housing development technician for Roanoke, also got permission Monday from City Council to take an option on property on Kellogg Avenue Northwest to add to the city's stock of houses for sale through the program. Cheney said he has funding for 10 to 12 houses.
To be eligible, a house would have to be bought for less than $20,000 and rehabilitation cost no more than $20,000. The city takes an option on the properties to be offered and, once a buyer is selected, transfers the option-to-purchase to the buyer. Buyers must contribute 2 percent cash to the transaction, Cheney said.
The income levels for qualification range from $20,050 for one person to $35,800 for a family of eight. Purchasers have to commit to the repairs, but can take advantage of an eight-year, forgivable loan for energy conservation repairs.
Money for the program comes from the Virginia Housing Partnership Fund, which is administered by the Virginia Department of Housing and Community Development in cooperation with the Virginia Housing Development Authority.
Cheney plans to hold an open house at the Tazewell property April 13 and 14 for interested buyers. He said people also can find their own property for consideration by the program.
by CNB