Acquire, Renovate, Sell (ARS)
Acquire, Renovate, Sell (ARS) supports Virginia housing providers renovating undervalued homes or building on lots for resale, expanding homeownership opportunities for low- to moderate-income buyers.
Funder: Virginia Department of Housing and Community Development
Due Dates: No deadline stated
Funding Amounts: Program design: up to $60,000 per project; program webpage: up to $45,000
Summary: ARS helps Virginia housing providers renovate undervalued homes or build new homes for resale to low- to moderate-income homebuyers.
Key Information: Providers must use their own acquisition credit and return ARS renovation or construction funds after sale.
Description
Acquire, Renovate, Sell (ARS) is administered by the Virginia Department of Housing and Community Development (DHCD), with financial backing from Virginia Housing. It supports providers that acquire undervalued homes or buildable lots, renovate or build homes, and resell them at fair market value to expand affordable homeownership across Virginia.
Providers have discretion over acquisition type, service region, and resale, and are encouraged to combine ARS with local, state, federal, or private resources. After a sale, renovation or construction funds return to DHCD; providers may retain net proceeds as program income for local affordable housing efforts.
