CPHD
Opportunities for First Time Homebuyers
NOTIFICATION LIST PROCEDURES FOR AFFORDABLE
HOME OWNERSHIP PROPERTIES
(Limited Equity Homeownership Opportunity)
Persons interested in purchasing a home that is built or renovated with assistance from Arlington County and is affordable to households with low or moderate income are invited to place their names on a Notification List. Approximately 5 to 10 units may become available for sale each year.
Placement on Notification List
Mail the following information to Arlington County’s Homeownership Program. (after you have submitted a Homebuyer Assessment Form to the County’s Homeownership Program, and received back a letter stating your eligibility for the program):
- A copy of your Virginia Housing and Development Authority (VHDA) Homeownership Education Certificate
- A copy of a Good Faith Estimate/Pre-Qualification Letter from a mortgage lender, stating that you minimally qualify for VA, VHDA, or conventional mortgage
Only families earning less than 80% of the median income per family size are eligible for placement onto the Notification List. Click here and scroll down to "Home Ownership Programs" to see income limits.
The Notification List for Affordable Properties is administered by AHC, Inc and Arlington’s Homeownership Program (HOP). HOP screens all applications for the Notification List before forwarding them to AHC, Inc. Once your name has been placed on the Notification List, you are then eligible to be contacted when an affordable homeownership unit becomes available for sale.
Notification List Selection Process
- Potential purchasers of these homes will be chosen by lottery from the pool of eligible applicants.
- If selected applicant decides not to purchase the property, their name will be returned back to the pool of potential applicants for future home ownership opportunities.
- You will remain on the Notification List for 12 months from the date of your documentation submission, and will be contacted annually to update your file for the next 12 month period, if you so choose.
- The County reserves the right to prioritize applicants by such factors as family size, family income, persons with disabilities, first time homebuyers, and persons currently living or working in Arlington.
Re-Sale Restrictions for Notification List Properties
The Notification List for Affordable Properties are a limited equity homeownership opportunity. For all Notification List properties, Arlington County will have a perpetual the right of first refusal, to re-purchase the property at a Set Price, or identify another qualified low/moderate household to purchase the home at the Set Price.
The Set Price is calculated as: original price paid, plus annual appreciation based on increases in the Area Median Income (average 2-3% annual appreciation), plus the cost of capital improvements made to the property.
To respond regarding a specific property, you must, prior to the deadline indicated in your notification letter:
- Submit an updated First Time Homebuyer Assessment Sheet (if file copy is older than 2 months)
- Re-submit a Pre-Qualification Letter/Good Faith Letter from a qualified mortgage lender (acceptable mortgage types: conventional, VA, or VHDA), if information on file is older than 2 months, which indicates that you qualify for a property at the estimated sale price
- View the property during the scheduled “open house” showings
- Produce a mortgage loan approval to accommodate a 45 day settlement schedule
- Sign a letter of understanding and acceptance of the property and deed restrictions as a condition of sale.
- Submit a contract with a minimum earnest money deposit of $1000.
- If the first applicant does not complete the transaction within the required timeframe, the property will be made available to the next applicant with a completed contract. The earnest money deposit will then be refunded to the first applicant. All requests or time extensions due to financing or other contingencies will be governed by the purchase agreement contract.
Contact Information:
Arlington County Homeownership Program
Attention: Doug Myrick or Odalis Barrios
2100 Clarendon Blvd., Suite 700, Arlington, VA 22201
(703)-228-3765 ext. 3793, fax: (703)-228-3834
AHC,Inc . Mr. Rick Holliday
Address: 2230 North Fairfax Drive, Suite 100
Arlington, VA 22201
(703) 486-0626 ext. 32, fax (703) 486-0653
AHOME (VHDA education): (703) 527-3854