VHDA Awards FCRHA $4 Million in CommunityHomeownership Revitalization Program (CHRP) Funds

Virginia Housing Development Authority (VHDA) Awards FCRHA $4 Million in Community Homeownership Revitalization Program (CHRP) Funds for First-Time Homebuyers The Fairfax County Redevelopment and Housing Authority (FCRHA) has been awarded an additional $4 million in Community Homeownership Revitalization Program (CHRP) funds for fiscal year 2020 by the Virginia Housing Development Authority (VHDA). CHRP funds increase the affordability of home purchases through lowering the interest rate by one percentage point.  The new allocation of funds is immediately available to VHDA-designated lending institutions making mortgages to Fairfax County homebuyers. First-Time Homebuyers would apply and receive first mortgage CHRP funds through designated VHDA lenders.  Eligible loans include Federal Housing Administration (FHA), FHA Plus, Veteran’s Administration (VA) and some Fannie Mae Loan products.  The FCRHA successfully provided CHRP funds to first-time homebuyers through a similar $4 million grant awarded in June 2018.