Employee Home Purchase Assistance Program (EHPAP)

 

Henrico County is proud to introduce the new Employee Home Purchase Assistance Program (EHPAP)!

The purpose of the program is to assist eligible County employees with the purchase of their first home. Rising home prices throughout the region have made homeownership less affordable for a substantial number of employees, especially first-time homebuyers.

 

Program Overview

EHPAP provides up to $25,000 in down payment and closing cost assistance, in the form of an interest-free forgivable loan, for the purchase of a home within Henrico County. To have the full loan amount forgiven, employees must: maintain full-time employment with the County and occupy the home as their primary residence for a period of five years from the purchase date. If these conditions are not met, the employee will be obligated to repay any remaining unforgiven loan balance.

 

Eligibility Requirements

  • Must be a full-time permanent employee of Henrico County Government, Henrico County Public Schools, or a Henrico County constitutional officer (Sheriff’s Office, Commonwealth Attorney, etc)
  • Must have a minimum of 12 months of consecutive full-time service
  • Must have a performance appraisal rating of “acceptable” or better
  • Must be a first-time homebuyer (must not currently own or have held any ownership interest in real estate within the last 5 years)
  • Must have a minimum of $1,000 of personal funds to contribute to the purchase
  • Must be free of outstanding judgments, liens, collections, etc., totaling more than $1,000
  • Must be free of any bankruptcies within the last 2 years
  • Must be free of any foreclosures within the last 5 years
  • Must have total household assets that fall under the current program limit of $30,000
  • Must be purchasing a home located in Henrico County, VA

Income and Sales Price Limits

Gross household income and the sales price of the home must not exceed the limits established by Virginia Housing.  These limits are subject to change, and employees are encouraged to visit https://www.virginiahousing.com/en/partners/lenders/lending-limits-requirements for the most accurate information.

  • Gross household income may not exceed $107,000 for households of 2 or fewer
  • Gross household income may not exceed $123,000 for households of 3 or more
  • Sales price of the home may not exceed $500,000

Please note that household income must account for the income of ALL individuals aged 18 or older residing in the home, regardless of relationship or familial status.  Household income must account for all sources of income such as salary/wages, child support, retirement, alimony, Social Security, etc.

 

For instructions on how to apply, please visit the Community Revitalization webpage. 

 

For any additional questions or inquiries about the program, please contact [email protected]. 

If you have questions related to your employment eligibility, please reach out to Human Resources.