The Virginia Housing Development Authority (VHDA) has announced Fiscal Year 10 funding allocations under its SPARC program (Sponsoring Partnerships and Revitalizing Communities), a below-market-rate loan program administered by the Loudoun County Department of Family Services. The funds will be available through June 30, 2010 or until fully utilized. Applicants must be first-time homebuyers and meet VHDA’s standard eligibility requirements. Sales price and income limits apply. Discounts on VHDA first-trust loans will be available at one-half percent (1/2%) below VHDA’s loan program rates and available to homebuyers with incomes from $21,550 to $82,150 (adjusted by family size; families of five or more may qualify at higher income levels). These loans are targeted only to households purchasing a foreclosed home (short sales not eligible) in one of the Neighborhood Stabilization Program (NSP) areas. Current eligible areas are Sterling and Sugarland Run with a zip code of 20164. A map of the eligible area can be found here. More information about SPARC is available online from VHDA at http://www.vhda.com/ or by contacting one of the VHDA-approved lenders who will be able to explain more about this program. Only VHDA-approved lenders can offer SPARC funding. For information, contact Karen Thorson, Department of Family Services, at 571-258-3814 or karen.thorson@loudoun.gov.