Virginia State University offering funding for employees to buy a home

Published: Jan. 19, 2023 at 3:49 PM EST|Updated: Jan. 20, 2023 at 8:09 AM EST
Email This Link
Share on Pinterest
Share on LinkedIn

PETERSBURG, Va. (WWBT) -Virginia State University has introduced a new program for employees to help provide the funds to put towards a home.

The VSU “Home Assistance Payment Initiative,” or VSU-HAPI, is designed to attract and retain employees and improve local communities’ economies.

The initiative gives eligible homebuyers up to a $10,000 match to go toward the down payment or closing costs of a newly purchased home in Petersburg or in the Village of Ettrick in Chesterfield County.

The funds can be used on a single-family home, townhouse or condo. “VSU is one of the largest employers in Chesterfield’s Ettrick community, and we are located within mere steps of Petersburg. Our HAPI program will have an economic and demographic impact on those communities we are part of,” said VSU President Dr. Makola M. Abdullah. “We expect the program to further assist with retaining and attracting qualified employees. If those employees live, shop, and educate their children in the community where they work, it will benefit our employees and the community tremendously. That makes this initiative a win-win.”

HAPI recipients must be VSU employees.

The home purchased using the funds must be the employee’s main home. It cannot be subleased or rented out. The homebuyer must use a HUD-approved lender. Funds will be paid directly to the Escrow/Closing Agent.

The university says private funds were used to finance the initiative, not state or student scholarship funds.