In April 2025, the CPSDC applied for its third allocation of funds through Virginia Housing’s Sponsoring Partnerships & Revitalizing Communities (SPARC) Program. Building on the success of its previous efforts, the CSPDC is seeking $4.5 million in SPARC funding to support first-time, eligible homebuyers across the Central Shenandoah region.
The CSPDC first became a SPARC sponsor in 2023, with an initial $1.7 million allocation. Due to strong demand for more SPARC funds, the CSPDC asked for an allocation of $3 million the following year, which was fully expended by the end of the first quarter of 2025. Through this funding, the CSPDC helped a total of eleven homebuyers achieve homeownership, seven in Rockingham County, three in the City of Harrisonburg, and one in the City of Waynesboro. Each program participant completed Virginia Housing’s Homebuyer Education course and received housing counseling services from Southeast Rural Community Assistance Project Inc. (SERCAP).
The SPARC Program offers a reduced mortgage interest rate (a 1% adjustment below Virginia Housing’s prevailing home loan rates), potentially saving homebuyers thousands of dollars over the life of their loan. SPARC funds can also be used to complement the CSPDC’s existing First Time Homebuyer Program, which provides down payment and closing cost assistance to income-qualified homebuyers at 80% AMI or below. For more information about the CSPDC’s First-time homebuyer’s program, please contact Philippe Bone at 540-885-5174 or by email here.