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SunTrust Mortgage - - Charlottesville, Virginia - Affordable Housing: Teachers, Firefighters, Police Officers & Nurses
CAAR Work Force Housing Fund - Administered by Piedmont Housing

CAAR Work Force Housing Fund was established to help our teachers, nurses, firefighters and police officers purchase homes in the communities where they work.

To be eligible for assistance, you must:

  • Serve the community as a teacher, nurse, firefighter, or police officer

  • Have a household income of less than $63,300 a year (household of 2 or
    fewer) or $73,300 (household of 3+)

  • Meet standard Virginia Housing and Development Authority (VHDA)
    criteria

  • Purchase a home in the same jurisdiction in which you work

  • Serve in the City of Charlottesville, or the counties of Albemarle,
    Fluvanna, Greene, Louisa, or Nelson

Financial assistance of 5% from the Workforce Housing Fund is applied
with a down payment loan. The recipients pay no interest while they
own their home, so their monthly mortgage payments remain unchanged.

When the recipient sells the home, they return the loan to the Fund, plus a
percentage of the capital gains equal to the initial investment by the
Fund. For example, if the original WFHF loan was for 5% of the
purchase price then the recipient returns 5% of the appreciated value.
This "recycling" of the Fund's investment ensures that there will be
monies in future years to help other members of our work force achieve
home ownership. This return on investment is a guarantee that the Fund
keeps pace with appreciation in the real estate market, providing
assistance to greater numbers of applicants.

Interested in Learning More? Contact me today or click here to Apply Online
Sandy Madison
(434) 566-2420 Office
E-Mail: sandy.madison@suntrust.com


Posted Wednesday Oct 08

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