Grants to help make home ownership affordable in Chesterfield - NBC12 - WWBT - Richmond, VA News On Your Side

Grants to help make home ownership affordable in Chesterfield

By: Laura Geller - bio | email

CHESTERFIELD, VA (WWBT) - Someone else's misfortune could turn into your good luck.

Chesterfield County and Southside Community Development Corporation are taking foreclosed lots and making homes available for first time buyers.

"You can own a home if you want to own a home," said SCDHC spokesperson Dianna Herndon. "We're trying to keep home ownership alive."

The Rachel's Way subdivision will include 34 homes and Southside is offering $35,000 in down payment and closing cost assistance on twelve of them.

Now they just need buyers.

A open house in June didn't yield many investors.

Developers are hoping a few months have made people more optimistic.

 After hearing about the available grants, potential buyer Timothy Fields thinks his dream of owning a home will become a reality.

"Even though the economy is on the ups and downs I think programs and stuff like this that help new home buyers especially," he said. "I think it's something I can work with as far as first time home buyer."

Here are the qualifications fields and other buyers have to meet:

You have to make 80 percent or less than the HUD median income.

Have good credit, and be able to afford at least a $1,000 down.

Once you buy, there's more help available.

Southside will provide housing counseling and home ownership education so you can truly enjoy your new freedom.

"As far as actually owning a home, everything is yours, you can do what you want to do with your property and stuff like that," said Herndon.

Southside Community Development is working on a similar project in Hamlin Creek.

There you can get up to $72,000 in assistance.

For more information you can visit you can visit the SCDHC website here.

Copyright 2010 WWBT NBC12. All rights reserved.

Powered by Frankly