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Town applying for more SPARC funding

The Town of Pulaski is applying for another year (Round 8) of low-interest home loan funding through Virginia Housing Development Authority.
VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) has offered funding to localities and housing organizations for the past seven years. Five of those years, the Town of Pulaski applied and was chosen to participate.
Each year, Pulaski has been approved for $1 million in funds.
SPARC provides money to applying communities and housing organizations to promote affordable home ownership. The funds are then made available, through participating banks, to eligible citizens seeking to own a home within the town.
Income requirements for a SPARC loan dictate a family of two or fewer must have a maximum annual income of $63,000.
The town has until Sept. 30 to use $600,000 in Round 7 funds still available. Hawley said $100,000 of the leftover funds can be used for loans with an interest rate a full percentage point below the standard VHDA rate.
Anyone interested in obtaining a SPARC loan should call one of the local VHDA-certified lenders: Bank of America, First National Bank, Sun Trust Bank and Southern Trust Mortgage.

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Town applying for more SPARC funding

The Town of Pulaski is applying for another year (Round 8) of low-interest home loan funding through Virginia Housing Development Authority.
VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) has offered funding to localities and housing organizations for the past seven years. Five of those years, the Town of Pulaski applied and was chosen to participate.
Each year, Pulaski has been approved for $1 million in funds.
SPARC provides money to applying communities and housing organizations to promote affordable home ownership. The funds are then made available, through participating banks, to eligible citizens seeking to own a home within the town.
Income requirements for a SPARC loan dictate a family of two or fewer must have a maximum annual income of $63,000.
The town has until Sept. 30 to use $600,000 in Round 7 funds still available. Hawley said $100,000 of the leftover funds can be used for loans with an interest rate a full percentage point below the standard VHDA rate.
Anyone interested in obtaining a SPARC loan should call one of the local VHDA-certified lenders: Bank of America, First National Bank, Sun Trust Bank and Southern Trust Mortgage.

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