This city housing program began in 1987. VCDP funds were used to acquire 6 buildings which were renovated by the city as 18 condominium units. VCDP funds provided the part of the subsidy necessary to assure the units affordability to low and moderate income households. The city maintains a 1st right of refusal option. Appreciation is shared between the city and the owner on a 50/50 basis at sale. The project has received national recognition from HUD for its success.
To Date
Created 18 condominium units
Has provided affordable housing to:
3 handicapped families
32 families
75 low/moderate income persons
Monthly mortgage payments between $200 and $300 a month
Renovated 6 historic buildings
The program has enabled households to purchase conventional housing upon sale of their condominium unit.
Funding
The project was funded in 2 phases with 2 separate VCDP grants. The numbers below represent project totals: