So Far...

Eight single family homes (fill-in) and 11 homes in the Kelley/Tower subdivision have been built and sold. The first phase of the Covenant Heights subdivision on South Main Street in Rockingham County (behind DMV) which includes 44 duplexes was begun in January, 2004. Land was purchased from Grace Covenant Church. The Department of Housing and Community Development gave a forgivable loan of $639,300 for infrastructure development - building streets, curbs, utilities, etc. To date, 20 duplexes have been completed with 16 additional homes in various stages of construction. All homes in Phase I have been sold. Work on Phase II of Covenant Heights has begun with plans for 41 duplexes and a green space for a subdivision park. Apply now for a new home in Phase II of Covenant Heights.

How do we do it? The Board of HCB believe that affordable homes should not be cookie cutter homes. Thus home buyers participate in the design of their homes and what goes into into it to ensure they get the home they want. A home starts with pride and participation. The staff makes sure that the houses do not look alike either. The Board has approved several facades that are attractive.

Homebuyers, in all cases, can not pay for the cost of the house they are buying. That portion of the cost of the house not paid for by a mortgage loan will be covered by a second deed of trust, forgiven after a period of 20 years.

Funds We Access. Whenever possible we access the Single Family Regional Loan Fund (SFRLF) and closing cost assistance from the Federal Home Loan Bank (FHLB). Cost of infrastructure is paid by the Virginia Department of Housing and Community Development. The following link gives you a more complete program if you want to know more. http://www.dhcd.vipnet.org/

Our Philosophy. Decent shelter is a right of every citizen. Provision of affordable homes is not as an act of charity but a partnership between us the home buyer and government entities. We run HCB as a non-profit business and as efficiently as any for profit business.

| 7.26.2006 |Print |