ARS Program - Overview



ARS Program Overview

The Acquire, Renovate, Sell (ARS) program seeks to create affordable homeownership opportunities for low- to moderate-income (LMI) first-time homebuyers. This program results from a partnership between the Department of Housing and Community Development (DHCD) and Virginia Housing. Additionally, the Town has secured funding from other sources to leverage against program funding offered by DHCD.
The Town of Altavista is currently engaged in construction activities for two new homes on Town-owned properties.  As is practicable, the Town will continue acquire undervalued homes, renovate using ARS funding and other leveraged sources if necessary, making them habitable, and resell the property at fair market value. After the sale of the home, the Town plans to use the net proceeds as program income to reinvest in local, affordable housing efforts. 

Financial Assistance 
Virginia Housing has a variety of loans for first-time homebuyers to help make owning a home more affordable.  You can read more about those options here or speak directly to a lender of your choosing.  Lenders approved by Virginia Housing can be found here.

Counseling and Education
Homebuyers are required to engage with an approved housing counselor who will coach the homebuyer before the purchase, and continue to monitor them for one year post-purchase to provide support when needed. You can find a listing of those approved near Altavista here.

Getting Started
To get more information, including an ARS Program Eligibility Application, and other details on available homes in Altavista under this program, please schedule to meet with Matt Perkins, Assistant Town Manager/Grant Administrator, to review program details including eligibility criteria.  Mr. Perkins can be reached by email, by phone (434) 369-5001 Ext 110, or by visiting the Altavista Town Hall at 510 7th St., Altavista, VA 24517.