NORFOLK, Va. — Norfolk Redevelopment Housing Authority is offering first-time home buyers $60,000 toward their purchase and closing costs. It’s a part of their HomeNet Homeownership program.
The program sparked new interest after going viral on social media, but according to LaShawn Fortes, the program’s director of Home Ownership, its not new.
“The program has been in existence since 1996, actually,” explains Fortes.
She tells News 3, the program was created to close the gap for many wanting to own a home.
“And we meet you where you are. We take a holistic approach because you might not be ready today, but we always say tomorrow. But again, $60,000 to fill in that gap makes home ownership a little bit more attainable for our first-time home buyers.”
What they offer is $60,000 toward a down payment on a home, condo, or townhouse. It can be anywhere in the city of Norfolk and must be in good condition if previously owned or can be a new build, under a certain price point.
They are also offering $5,000 toward closing costs. The thing is, you have to stay in the home for 10 years.
“And part of that is maintaining affordability. So if you sell it within the fifth year, then you owe back half that money,” said Fortes.
“This will be my third year in this home,” shared Obinna Eze. As an educator, Eze says this program makes a difference not just for home buyers but for young people.
“I think it’s important to have home ownership. It’s a sense of financial freedom. It’s stability as far as financially. It’s a leverage of somewhat power,” said Eze.
The kind of power Fortes says is needed now more than ever. “Now more than ever it’s important for us to understand financial literacy. That’s key.”
