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Advocacy
Loudoun County's new Public Employee Homeownership Grant Program offers
a grant of a secured loan to income-eligible employees of the Loudoun
County Government and Loudoun County Public Schools. The program
assists low-to moderate-income public employees in purchasing a home in
Loudoun County.
Administered by the Loudoun County Department of Family Services, the program offers grants in the amounts of $5,000 for the purchase of a home located anywhere within the county; $15,000 for the purchase of a foreclosed, bank-owned property in the county; or $25,000 for the purchase of a property in Loudoun County's Neighborhood Stabilization Program (NSP). More information on the NSP program can be found at www.loudoun.gov/nsp.
Loans are forgivable at 20% of the loan amount annually over a five year period, providing the employee does not leave employment, sell the home or no longer occupies the residence. If any of the above occurs, repayment of the remaining non-forgiven funds will become due and payable to the county either through repayment with proceeds of the sale or conversion to a repayable loan at 3% interest.
Standard eligibility requirements apply. Funds are limited and available on a first-come, first-served basis. Eligibility requirements for the program include:
• Must be a full or part-time (minimum 20 hours per week) non-probationary employee
• Shall not have been a resident of Loudoun County during the preceding 12 months. Note that first-time homebuyers are exempt from the residency requirement.
• Cannot own another home or real estate. Sale of currently owned property outside the county must be finalized prior to settlement on new property
• Must meet current eligible income range of $30,800 through $71,900, regardless of family size
For more information about the program and application procedure, contact Karen Thorson, Loan Specialist, at 571-258-3814 or karen.thorson@loudoun.gov.
Loans are forgivable at 20% of the loan amount annually over a five year period, providing the employee does not leave employment, sell the home or no longer occupies the residence. If any of the above occurs, repayment of the remaining non-forgiven funds will become due and payable to the county either through repayment with proceeds of the sale or conversion to a repayable loan at 3% interest.
Standard eligibility requirements apply. Funds are limited and available on a first-come, first-served basis. Eligibility requirements for the program include:
• Must be a full or part-time (minimum 20 hours per week) non-probationary employee
• Shall not have been a resident of Loudoun County during the preceding 12 months. Note that first-time homebuyers are exempt from the residency requirement.
• Cannot own another home or real estate. Sale of currently owned property outside the county must be finalized prior to settlement on new property
• Must meet current eligible income range of $30,800 through $71,900, regardless of family size
For more information about the program and application procedure, contact Karen Thorson, Loan Specialist, at 571-258-3814 or karen.thorson@loudoun.gov.
Filed in Advocacy=> Announcements, News and Updates
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