NORFOLK, Va. — The Norfolk Redevelopment and Housing Authority (NRHA) landed a $6.4 million grant to bridge the minority homeownership gap in the city.
The grant came from Virginia Housing to assist the authority's HomeNet Homeownership Center, allowing them to provide a down payment and closing cost assistance, coupled with a 1% interest rate discount, to people who have historically faced barriers.
"We couple all of that together to help our minority homeowners to be able to get into houses affordably, and the biggest thing is to maintain and sustain them over the long run," said LaShawn Fortes, Economic Development Director with NRHA.
According to NRHA, the discount will make owning a home more accessible and affordable, which reduces financial barriers that often hinder minority communities from entering the housing market.
"We are honored to receive this generous Grant from Virginia Housing," LaShawn Fortes with NRHA wrote in a news release. "This grant not only acknowledges the importance of bridging the minority homeownership gap but also empowers us to take tangible steps toward achieving this goal."
For more information about HomeNet, call 757-314-4202 or email lfortes@nrha.us.