Va. State U. Initiative Aids Employees Buying Homes

By Rosaland Tyler Associate Editor New Journal and Guide

Virginia State University recently launched a program that will give an employee up to $10,000 in matching funds for down-payment assistance and closing costs on a newly purchased home.

It is called VSU “Home Assistance Payment Initiative,” or VSU-HAPI, a “first-of-its-kind and privately-funded program” that aims “to attract and retain highly qualified employees and improve the economies of local communities,” according to Virginia State’s website. Employees must buy a home within the city limits of Petersburg, Ettrick, and Chesterfield County. Eligible properties include a single-family home, townhouse, or condominium home.

“VSU is one of the largest employers in Chesterfield’s Ettrick community, and we are located within mere steps of Petersburg,” VSU

President Dr. Makola M. Abdullah said in a recent press release. “Our HAPI program will have an economic and demographic impact on those communities we are part of. We expect the program to further assist with retaining and attracting qualified employees. If those employees live, shop, and educate their children in the community where they work, it will benefit our employees and the community tremendously. That makes this initiative a win-win.”

To obtain VSU-HAPI funds, a Virginia State employee must use the property as a primary residence. It cannot be subleased or rented out. In addition, the homebuyer must use a HUD-approved lender.

Funds “will be paid directly to the Escrow/Closing Agent. The VSU-HAPI is funded using private monies. Neither state nor student scholarship funds is used to finance the initiative, “Virginia State noted on its website.. To obtain more information, including FAQs and application forms, visit the VSU Human Resources website. Meanwhile, the U.S. Economic Development Agency provided more than $141 million to five HBCUs in Virginia in 2022, according to the President’s American Rescue Plan. The schools and the funds they received are: Norfolk State University: $52,248,428; Virginia State University: $39,482,142; Hampton University: $31,205,244; Virginia Union University: $11,866,504; and Virginia University of Lynchburg: $6,322,150.