Providing homeownership opportunities in the City of Falls Church to income-qualified buyers
The City of Falls Church Affordable Homeownership Program (CFCAHP) is being financed by funding from Virginia Housing’s REACH (Resources Enabling Affordable Community Housing in Virginia) program, as well as funds from the City of Falls Church. CFCAHP will be managed by The NHP Foundation (NHPF) and the City of Falls Church’s Housing and Human Services Department (HHS).
Over the next year, the City of Falls Church will offer affordable homes at sale prices below market rate to homeowners earning between 50% and 120% of AMI. To participate in AHP, participants must meet certain eligibility and prioritization requirements, outlined below, and should contact the City of Falls Church for initial eligibility screening.
HOW IT WORKS
NHPF will purchase and resell homes in the City of Falls Church at a reduced price to first-time homebuyers. Prices will be affordable to buyers at 50% to 120% of AMI. Homes can include single-family homes, townhomes, and condominiums.
Interested buyers should sign up here to learn more. Read below to learn about eligibility and prioritization.
Important: All properties that are part of this program will be subject to a Declaration of Affordability Covenants that govern the resale of properties, usage, and material alterations to the properties. Read our summary of the Declaration of Affordability Covenants.
ONE: Check your eligibility: See whether you are eligible to participate in the City of Falls Church AHP.
The city will perform all initial eligibility screening of buyers and may prioritize eligible buyers as listed below:
- First-Time Buyer
Someone who has not owned residential property and who has not had an ownership interest for three years and does not have any current ownership interest in residential property or more is considered a First-Time Buyer.
- Primary Residence
Properties purchased through the REACH Program must be occupied by the homebuyer as the primary residence. Homebuyers may not own other residential property.
- Household Income
Households must have annual income between 50% and 120% of the HUD median income for the City of Falls Church. See AMI table.
Must be prequalified by Virginia Housing.
Priority One Ranking Order
• Seniors or persons with disabilities who live in and work for the City.
• Seniors or persons with disabilities who live in and work in the City.
• Seniors or persons with disabilities who live in the City.
• Persons who are homeless
Priority Two Ranking Order
• People who live in and work for the City
• People who live in and work in the City
• People who live or work in the City
Priority Three Ranking Order
• Seniors or persons’ with disabilities who do not live or work for the City
• People who do not live or work in the City
TWO: Fill out this form to begin the process
THREE: Talk to lender and get pre-approved
Your lender can help you confirm your eligibility for CFCAHP, and will make sure you meet all the program’s requirements. To participate in CFCAHP, your lender must be either a Virginia Housing or a Virginia Housing approved lender. Please work with your lender to submit this preapproval form.
We recommend that you work with one of the following lenders as they are familiar with CFCAHP program guidelines and can provide you with the most accurate preapproval letters:
Elva D. Bustos
Sandy Spring Bank
See our full list of CFCAHP Recommended Lenders. For the full list of Virginia Housing-approved lenders, visit this link.
Email inquiries@fallschurchAHP.org or call 703-248-5005 for the answers to your questions.
Available properties are listed below. You may also sign up to be alerted when additional information or new properties become available online.
Park Towers Condominium
Starting at $192,500 (Depending on household size, income levels, mortgage rates, and underwriting)
200 N. Maple Avenue, #204, Falls Church, VA 22046
Winter Hill Condominium
Starting at $310,000 (Depending on household size, income levels, mortgage rates, and underwriting)
Covent Gardens Condominium
Starting at $120,000 (Depending on household size, income levels, mortgage rates, and underwriting)
INTERESTED IN SELLING YOUR HOME?
Are you interested in selling your home to the City of Falls Church for participation in CFCAHP? We are interested in hearing from you. We are able to offer competitive, all-cash offers for homes in the City of Falls Church that qualify for our program.