NORFOLK, Va. — First-time home buyers could receive up to $40,000 for a down payment and closing costs through a Norfolk Redevelopment and Housing Authority (NRHA) assistance program.
With the help of the City of Norfolk, the NRHA is offering the funds to prospective home buyers with household incomes between 80 and 120% of the Average Median Income.
The funding will be directed to potential buyers looking for a home in either the Ingleside, Monticello Village or Oakdale Farms neighborhoods
NRHA said an increasing demand for assistance prompted them to increase the funding available. In 2023, the NRHA said prospective home buyers could receive up to $20,000.
"This is a much-needed increase to help families gain access to homeownership in a real estate market where low inventory and high interest rates are pricing out middle-income families," said LaShawn Fortes with NRHA’s HomeNet Homeownership Center. "While there is a widespread housing need, funding to support essential workers like school teachers, police officers and city employees is often limited. This initiative is a crucial resource for our community."
For more details, reach out to the HomeNet Homeownership Center by calling 757-314-4202.
