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Neighborhoods in Bloom
900 East Broad Street
Room 501
Richmond, VA 23219
(804) 646-6344
Email Us
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Financial Incentives
Neighborhoods in Bloom tries to match people with the tools they need to buy a
house. The list below offers loan opportunities, financial assistance and
more.
Neighborhoods in Bloom cannot guarantee that any/all of these
programs will guarantee a loan to any/all applicants, this is a merely a list of
recommended sources for more information.
Credit Counseling Services
Down Payment Assistance
Home Buyer Education Classes
Real Estate Tax Abatement Program
State and Federal Historic Tax Credits
NOW Loans
NeighborWorks Second Mortgage Loan Program
Urban Homesteading Program
Virginia Housing Development Authority
Credit Counseling Services
Is your credit not the best? Are you concerned that you may not be able to qualify for a loan because
of your credit history or credit problems? Contact
Neighborhood Housing Services (NHS) of Richmond
at (804) 359-2500 or
Housing Opportunities Made Equal (H.O.M.E.)
at (804) 354-0641. They can work with you on an individual counseling basis to get your credit back
on track and help you get yourself ready for home ownership.
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Down Payment Assistance
H.O.M.E., Inc. offers forgivable loans of up to $10,000 for down payment and closing cost assistance
to qualified applicants. Contact
H.O.M.E. at (804) 354-0641 to see if you qualify.
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Home Buyer Education Classes
Classes for first-time and experienced home buyers are available on a regular basis from NHS
of Richmond and H.O.M.E. Inc. To find out the schedule of these classes and to
enroll, contact
NHS of Richmond at (804) 329-2500,
H.O.M.E. Inc at (804) 354-0641, or the VHDA
@ 1-(888)-643-2696.
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City of Richmond Real Estate Tax Abatement Program
The City offers partial exemption from real estate taxes for qualifying
rehabilitated or replaced structures. For properties that qualify, the initial
increase in real estate taxes caused by rehabilitation or replacement will be
excused for ten to fifteen years, depending on the district. Property owners
must apply to the program. For full information including provisions for
qualifying for this partial tax exemption program, and to get an application,
contact the City Assessor's Office at (804) 646-5600.
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State and Federal Historic Tax Credits
The Commonwealth of Virginia offers a 25% investment tax credit to qualified
rehabilitation work done to historic properties or properties that contribute to
the character of a recognized historic district. This tax credit is available to
both owner-occupied houses and income-producing (rental)
properties.
The investment tax credit available from the federal government is 20% of qualified
rehabilitation expenses. This can be used in combination with the 25% state
investment tax credit. The federal tax credit is only available to
income-producing (rental) property. For more information about the historic tax
credits, contact the
Virginia Department of Historic Resources at (804) 367-2323 ext. 137.
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NOW Loans
NOW loans or first mortgage loans are available for both purchase and rehab at competitive interest rates, up to 98% loan to value.
Contact
NHS of Richmond at (804) 329-2500.
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NeighborWorks Second Mortgage Loan Program
This loan program offers the applicant second mortgage financing at 6-8% which can be used for down payment and closing cost
assistance. This program is available with most first mortgage lenders on homes in low-to-moderate income census tracts within the city of Richmond.
Contact
NHS of Richmond at (804) 329-2500.
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Virginia Housing Development Authority Loan Program
Offers conventional and flexible financing options to help low and moderate income families become home owners.
Many programs are geared toward first time homebuyers. For more information contact VHDA at 1-(888)-643-2696.
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