Local news- Press Release
Caroline County Virginia - HABITAT FOR HUMANITY TO BUILD 20 AFFORDABLE SINGLE FAMILY HOMES IN CAROLINE COUNTY BY JUNE 2024 29 June 2022 ( news )
Caroline County , state Virginia ( By Press Release office)
| 33| 2
CAROLINE COUNTY PRESS RELEASE
For immediate release
June 28 , 2022
Charles M . Culley , Jr .
HABITAT FOR HUMANITY TO BUILD 20 AFFORDABLE SINGLE FAMILY HOMES IN CAROLINE COUNTY BY JUNE 2024
George Washington Regional Commission ( GWRC ) Awards Virginia Housing Development Program Grant to Habitat for Humanity of Caroline County
Habitat for Humanity of Caroline County has been awarded a $2 , 000 , 000 Virginia Housing Development Program grant from the George Washington Regional Commission ( GWRC ) . GWRC is the planning district commission
established by the General Assembly for the region comprising the City of Fredericksburg and the counties of Caroline , King George , Spotsylvania and Stafford ( known collectively as “Planning District 16” ) .
Combining the GWRC grant with funding from the United States Department of Agriculture ( USDA ) 523 Mutual Self - Help and 502 Direct Loan programs will enable Caroline Habitat to build 20 single family homes in Caroline County by June 2024 . A minimum of twelve ( 12 ) homes will be constructed and sold using the USDA 523 Mutual Self - Help Method . Based on demand , a local for profit contractor will be brought in to build some of the homes .
The USDA ( Rural Development ) Mutual Self - Help Housing program creates opportunities for very low and low income families in rural areas to become homeowners . The program groups together 4 to 6 or more families to contribute 65% of the labor building each other ' s homes . The contributed labor , called sweat equity , provides the down payment on the mortgage . The mortgage is a USDA Section 502 direct loan , the only federal funding to combine sweat equity homeownership , technical assistance , and affordable home loans for rural Americans . Interest rates are as low as 1% to make homeownership affordable for low and very low incomes .
Caroline Habitat will locate and pre - approve the buyers using the USDA 502
loan program to ensure the homes built by any for - profit developer meet affordability requirements . Families with incomes less than 80% of the area’s average median income ( AMI ) are eligible . Both three and four bedroom home models will be provided with payments that never exceed more than 30% of household income .
Official Press Release
PLAY the NEWS
* May be useful for visually impaired persons .
Press release information :
Direct link to press release
: Click here .