Lancaster, PA – HDC MidAtlantic President Dana Hanchin announced today that the first sale within the organization’s homeownership program at Larkspur Crossing in Manheim Township, PA (Lititz mailing address) has been completed. This is the first program of its kind for HDC MidAtlantic, and one of only a handful of such programs across the state. Three more homes are expected to be purchased this year.
Others are looking forward to making their homes truly their own, and to continuing to invest in a community they have grown to love.
Residents in the program have been carefully planning for this opportunity for several years, and are excited to achieve the dream of home-ownership. As one recently explained, “This program was an opportunity for us to work smarter and get to this goal… It means that now our children can have something. It’s something we can pass down to them.”
Built in 2005, Larkspur Crossing is located at 201 Starflower View and features 29 three-bedroom affordable rental townhomes. The homes are now available to purchase by current renters at $75,000, a sales price significantly below market value. Estimated market values range between $149,000 and $183,000 depending on the size and location of the townhome.
Interested renters began preparing to buy their homes in 2018 by working with Lancaster Housing Opportunity Partnership (LHOP) and Tabor Community Services. To be eligible to buy their home, renters are required to complete Tabor’s Financial and Homeowner Counseling Program, which focuses on household budgeting, credit scores and mortgage approval process, and LHOP’s Home Buyer Education Program. If successful in completing LHOP’s program, residents can receive a loan up to $5,000 to apply toward closing costs. Residents can also receive additional financial assistance from Tabor’s matched savings program, which matches $2 for every $1 dollar saved. HDC MidAtlantic has also committed to providing $3,300 toward down payment and/or closing costs.
“At HDC, we understand that affordable housing is a cornerstone to economic mobility and growth. For most Americans, the primary way families build wealth is through homeownership. This program makes home ownership a possibility for households who may have thought their dream was out of reach. We are proud to partner with them to make their dream a reality,” Hanchin said. “We are also incredibly grateful to our partners at LHOP and Tabor. Their education and counseling programs are vital to helping make the dream of owning their own home possible.”
“Homeownership allows individuals and families to build wealth; it provides long-term stability to neighborhoods and communities; and over time is more affordable than rental housing,” said PHFA Executive Director and CEO Robin Wiessmann. “Housing stability is also critical to health. We are proud to work alongside HDC MidAtlantic to make sure as many Pennsylvanians as possible can attain quality, affordable housing.”
Larkspur Crossing was built in 2005 using Low-Income Housing Tax Credit financing with the intention of giving renters the option to buy their townhouse after the 15-year tax credit compliance period ended this year.