The following article was taken from the VHDA (Virginia Housing Development Authority) and outlines a program that assists in funding projects that make housing accessible to everyone...
SPARC Multifamily Rental Programs
VHDAâ€™s SPARC (Sponsoring Partnerships and Revitalizing Communities) Multifamily Rental Housing program is an uninsured loan designed to facilitate the construction or acquisition and/or rehabilitation of multifamily rental housing.
Multifamily SPARC provides low-interest rate financing to rental projects that address Virginia's most critical housing needs and meet the program's specific eligibility requirements. The program focuses on affordable rental housing for:
- Frail Elderly
- People with disabilities.
The SPARC Rental program is funded by REACH Virginia subsidy funds. This funding provides low, fixed-rate, long-term permanent financing for rental housing. The terms are flexible and the pricing is fixed at a rate lower than the market rate, but higher than some direct government financing products.
To see if your project will meet the SPARC eligibility requirements, please see the SPARC Program Guidelines below which will assist in determining a project's eligibility status for SPARC rental housing funds. In order to gauge the financial feasibility of your project, open the SPARC Electronic Application and enter your information into the tabs.