NORFOLK, Va. — Norfolk Redevelopment and Housing Authority's (NRHA) HomeNet Homeownership Center received a $6.4 million grant from Virginia Housing to bridge the minority homeownership gap on Wednesday.
NRHA says the grant aims to bridge the minority homeownership gap in Norfolk and "empower individuals to fulfill their dream of owning a home."
The grant will enable the HomeNet Homeownership Center to assist minority first-time homebuyers by providing down payment and closing cost assistance, along with one percent interest rate discount point.
NRHA says the discount will help make homeownership more accessible and affordable, reducing the financial barriers that often hinder minority communities from entering the housing market.
"We are honored to receive this generous grant from Virginia Housing," said LaShawn Fortes, community economic development director at NRHA. "This grant not only acknowledges the importance of bridging the minority homeownership gap but also empowers us to take tangible steps toward achieving a goal."
NRHA says by bridging the minority gap in homeownership, they are creating economic opportunities for families and fostering an equitable and thriving community as a whole.
