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Henrico launches Employee Home Purchase Assistance Program

Qualifying county employees can receive up to $25,000 to buy home in Henrico

 Henrico has launched a program to help qualifying full-time employees of the county’s government, school system and constitutional officers buy a home in Henrico.

With $2 million in initial funding, the Board of Supervisors established the Employee Home Purchase Assistance Program (EHPAP) to help make homeownership accessible to eligible employees who meet income and other requirements. Employees are able to apply through the program’s vendor, beginning today.

The program provides up to $25,000 in assistance for down payment and closing costs. The assistance is provided as an interest-free, forgivable loan on the condition that the recipient remains continuously employed by the county and maintains the assisted home as their primary residence for at least five years. Any outstanding loan balance must be repaid within 60 days if the conditions are not met. The funds would be disbursed to the settlement agent at closing.

“The lack of access to affordable homeownership is a serious problem across the country,” said Eric S. Leabough, director of the Department of Community Revitalization, which oversees EHPAP. “Henrico County is addressing this issue locally in various ways, including by partnering with nonprofit and for-profit housing developers to increase the number of affordable homes available for our residents. The Employee Home Purchase Assistance Program represents another important part of our strategy, particularly as a major employer. It shows, once again, that Henrico is a great place to work, and it underscores our commitment to attracting and retaining employees who support the high quality of life and services our community enjoys.”

To qualify for the Employee Home Purchase Assistance Program, an employee must:

  • Be a full-time, permanent employee of Henrico’s general government, Henrico County Public Schools or the county’s constitutional officers – the Clerk of the Circuit Court, Commonwealth’s Attorney and Sheriff;
  • Have at least 12 months of continuous, full-time service and a performance appraisal rating of “acceptable” or better;
  • Be a first-time homebuyer or an individual who has not had any ownership interest in a home within the past five years;
  • Have a household income that does not exceed limits set by Virginia Housing, which are currently $98,400 for households with two or fewer members and $114,900 for households with three or more members; and
  • Purchase a single-family attached or detached home, a manufactured home on a permanent foundation or a condominium located in Henrico. The sales price must not exceed Virginia Housing’s regional sales price limit for an affordable home, which is currently $425,000.

Additionally, a recipient must contribute at least $1,000 toward the home purchase, be responsible for the cost of a required home inspection and participate in homebuyer education and counseling sessions provided by the program’s vendor.

For more information on the Employee Home Purchase Assistance Program, send an email to [email protected] or visit one of the following websites:

 
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