City of Falls Church Affordable Homeownership Program (CFCAHP)

City of Falls Church Affordable Homeownership Program (CFCAHP) is a shared-appreciation loan for homebuyers in Falls Church, Virginia, administered by The NHP Foundation (NHPF) and City of Falls Church Housing & Human Services Department (HHS). The City of Falls Church Affordable Homeownership Program (CFCAHP) helps income-qualified first-time homebuyers purchase homes in the City of Falls Church at a reduced price. NHPF acquires market-rate homes, rehabs them, and resells them at a written-down price (up to ~$170,000 below market) to buyers earning 50%-120% of AMI. The price reduction (subsidy) is sized between $50,000 and $150,000 based on AMI, and is a forgivable grant subject to a 99-year affordability covenant with shared-appreciation recapture on resale. Below-market purchase price (subsidy $50,000-$150,000); access to Virginia Housing DPA/closing-cost grants and SPARC; energy-efficiency rehab; long-term affordability protections. Funding comes from Virginia Housing REACH program grant + City of Falls Church funds.

City of Falls Church Affordable Homeownership Program (CFCAHP) offers between $50,000 and $150,000 in assistance. Homebuyer contribution: Applicant must have a minimum of 1% of the sales price documented and available toward closing costs/prepaid items or reserves. The program can be combined with Virginia Housing SPARC, Down Payment Assistance Grant, Closing Cost Assistance Grant, Plus Second Mortgage; DHCD HOMEownership DPA; Virginia Individual Development Accounts (VIDA). Amounts are the program's published maximums, not an offer — The NHP Foundation (NHPF) and City of Falls Church Housing & Human Services Department (HHS) determines any individual award.

City of Falls Church Affordable Homeownership Program (CFCAHP) is a shared-appreciation loan and is repaid under the terms set by The NHP Foundation (NHPF) and City of Falls Church Housing & Human Services Department (HHS). Repayment is triggered by Upon resale/transfer, refinance, condemnation, casualty, or default of the Affordability Covenant the City is reimbursed its original Subsidy Value plus 25% of net proceeds; the subsidy does not have to be repaid so long as the buyer remains owner-occupant in compliance with the Covenant. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Falls Church Affordable Homeownership Program (CFCAHP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No household member may have owned residential property in the last 3 years; a divorced applicant who owned/resided in a home with a former spouse is treated as a first-time homebuyer. On credit, the program states: Minimum middle credit score of 620; applicants must also qualify for a Virginia Housing loan. A homebuyer education course is required, through Virginia Housing Homeownership Education Program (free, English and Spanish, online and in-person); certificate required prior to closing. Residency requirement: Not required, but priority given to those who live/work in or for the City of Falls Church. 99-year Declaration of Affordability Covenants (use/refinance/resale restrictions + City purchase option); annual owner-occupancy affidavit; housing cost (incl. HOA/condo fees, taxes, insurance) may not exceed 40% of gross annual income for subsidy offer; co-signers outside household prohibited; household liquid assets cannot exceed 50% of the sales price (retirement excluded); 5 calendar days to execute sales contract and 45 days to close after referral.

City of Falls Church Affordable Homeownership Program (CFCAHP) limits household income to $163,900. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Falls Church Affordable Homeownership Program (CFCAHP) can be used for Single Family, Townhouse, and Condo. New construction is not eligible. Manufactured homes are not eligible.

City of Falls Church Affordable Homeownership Program (CFCAHP) names homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

City of Falls Church Affordable Homeownership Program (CFCAHP) serves homebuyers purchasing in Falls Church, Virginia. The program targets specific areas: Entire City of Falls Church (2.2 sq mi).

Applications for City of Falls Church Affordable Homeownership Program (CFCAHP) go through The NHP Foundation (NHPF) and City of Falls Church Housing & Human Services Department (HHS), which publishes the current terms and the application steps on its own site. Funds are reserved through Prescreening application then Certified Buyers waitlist ranked by priority criteria, then first-come first-served; buyers matched to properties as acquired. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.