Virginia Approves Change in Income Qualification

In the past, homeowners who qualified to own a home built by Hope Community Builders had incomes of up to 60% of the median adjusted gross income for this area. Virginia has just changed the requirement to allow up to 40% of the families in the Covenant Heights subdivision to earn up to 80% of the median adjusted income for this area. This will allow a greater income diversity in the community. The largest impact is on single persons—who may earn up to $30,000 to qualify for their home.

The new requirement comes as a result of market forces changing—increases in housing and building costs. Salary growth has not kept up with these increased costs. Allowing families to earn up to 80% of the median adjusted income will allow more single persons and families to qualify for a home. See chart below for specific income requirements:

Grace Covenant Church and HCB Host Neighborhood Ice Cream Social

Neighbors enjoy making ice cream sundaes.

It was almost too good to be true. After three days of clouds and rain, the afternoon of October 8 gave way to high clouds and brilliant sunshine. Well over 100 people enjoyed getting to know each other better over ice cream and desserts on the
patio of Grace Covenant Church. The entire community surrounding the church was invited to the informal event. Retired persons, families, church members and HCB staff enjoyed getting to know each other better and became a closer community. Children played basketball and football, explored the playground, jumped in the moon bounce, enjoyed making their own ice cream sundaes, and made some new friends along the way. Our thanks to Grace Covenant Church for hosting this fun event. HCB and the church plan to make the neighborhood ice cream social a regular neighborhood celebration.

Phase I construction has now been completed with 36 duplexes and 8 town homes

Joppa Court is nearing completion.

built. Families who purchased town homes are getting ready to settle in this fall. Phase II funding has been received from the state to develop 21 units as affordable homes. The remaining 21 homes in Phase II will be developed by HCB resources as market units. While HCB received less money from the state, this will enhance economic diversity in the subdivision.