A Place To Call Your Own

About the homes at Covenant Heights:

  • 1300 Sq. Ft. and property
  • 3 Bedroom Duplex Townhomes
  • Energy Efficient & EarthCraft ©
  • Modern Design
  • Harrisonburg Bus Transportation

 We are dedicated to providing affordable homes.  Our First Time Homebuyer Program offers Down-payment Assistance for Low to Moderate Income Households.  Call Us to See if You Qualify!

LOCATION:  Covenant Heights is on Covenant Drive at the intersection of Route 11 and I-81, exit 243 in Harrisonburg, VA

About Us

Hope Community Builders (HCB) is a faith-based non-profit Community Housing Development Organization (CHDO) registered with the Virginia Department of Housing and Community Development. It has a Board of Directors and staff whose only aim is to provide you with affordable housing.

Who qualifies for a home?

1. Income. You may earn up to $48,300.00 per year for a family of four (80% of the median income). This amount will vary up and down depending on the number of people in your household. Your income also must not be so low that you can not pay the mortgage loan and maintain reasonable household expenses. Homes at market rates are also available for all income levels. For current applicable income levels click here or follow the link below:

2. Good Credit. Your credit should be acceptable to the mortgage lender (VHDA). If your credit is not good there are several ways of fixing it. We will work with you.

3. If customary subsidies we receive from government sources continue to be available, you will be required to make a payment of only 1% of the appraised value. This is usually paid at closing.

4. Hope Community Builders enforces both the Federal and Virginia Fair Housing laws. If you qualify (income, credit history and other applicable regulations), you have a right to a house. We affirmatively market to prospective minority homebuyers in our community.

How does your home become affordable? When available the following programs are what make homes we build affordable.

1. VHDA – “SPARC“ allocations: These funds provide below market mortgage loans to home buyers and are a major source of affordability. For 2009/2010 season qualified homebuyers can borrow at 0.5% below the VHDA fised rate.

2. HOME Funds, when available, pays 10%-20% of the selling price of the home for qualified buyers.

3. State/Federal Governments: Affordable Home Preservation & Production (AHPP): This Federal program administered by the VA department of Housing and Community Development helps with infrastructure construction.

4. FHLB Grants: This is a competivie grant. When we succeed it pays for part of the closing cost.

5. Our own hard work: The staff, assisted by the Board, ultimately makes the homes affordable through sheer hard work. We subsidize it, depending on our resources, as much as 30% of the value of the home.

Financing Your Home
When all is said and done, your mortgage loan does not cover the Fair Market Value (FMV) of the home built for you. Look at the following example

Cost: Cost of house 175,000.00  
  Closing Cost 7,500.00  
  Total Cost   182,500.00
Resources: Mortgage Loan 140,000.00  
  HOME 20,000.00  
  Unpaid Balance 22,500.00  
  Total   182,500.00

The HOME Fund is forgiven after 15 full years. For each year you live in your home, one fifteenth of the loan is written off. There is no interest on the loan. The unpaid balance is an HCB loan and will be forgiven if you live in the house for 15 full years. It is not prorated. If you sell the house before the period of affordability the entire unpaid balance is payable. Any increase in value is to your benefit.


Asrat Gebre, Executive Director & CEO
Telephone: (540) 433-0152

Address: 450 Rockingham Drive, Harrisonburg, VA 22802.