Acquire, Renovate, Sell (ARS)
Acquire, Renovate, Sell (ARS) supports housing providers renovating undervalued Virginia homes or building on vacant lots to create affordable homeownership opportunities for low- to moderate-income buyers.
Funder: Virginia Department of Housing and Community Development
Due Dates: Contact program staff for application timing
Funding Amounts: Up to $45,000 per project on the program page; program design lists $60,000 (confirm current limit)
Summary: Supports housing providers acquiring and renovating undervalued Virginia homes, or building on eligible lots, for affordable homeownership.
Key Information: Providers need acquisition credit of at least $200,000 or enough to acquire two houses simultaneously, whichever is greater.
Description
Acquire, Renovate, Sell (ARS) is administered by the Virginia Department of Housing and Community Development (DHCD), with financial backing from Virginia Housing (VHDA). It creates affordable homeownership opportunities for low- to moderate-income, first-time buyers by supporting the renovation of undervalued homes. The program design also allows new construction on buildable lots, including land without a previous structure.
Providers acquire properties using their own lines of credit, use ARS and leveraged funding for renovation or construction, and resell at fair market value. Renovation funding is returned to DHCD after sale, while providers retain net proceeds as program income for affordable housing activities and limited administrative costs. The program encourages leveraging local, state, federal, and private resources across acquisition, renovation, and resale.
