North Richmond Today

Virginia State University Offers Employees Funding to Purchase a Home

Virginia State University is proud to share details of the University’s newest employee assistance and community engagement program. The VSU “Home Assistance Payment Initiative,” or VSU-HAPI, is a first-of-its-kind and innovative program designed to attract and retain highly qualified employees and improve the economies of local communities. The VSU-HAPI will provide eligible homebuyers up to a $10,000 match toward the down payment or closing cost of a newly purchased home within the city limits of Petersburg, VA, or in the Village of Ettrick, in Chesterfield County, Virginia. Eligible properties include a single-family home, townhouse, or condominium home.

Aside from being an incentive for employees, the program is also designed to assist the economies of Petersburg and the village of Ettrick.

“VSU is one of the largest employers in Chesterfield’s Ettrick community, and we are located within mere steps of Petersburg. Our HAPI program will have an economic and demographic impact on those communities we are part of,” said VSU President Dr. Makola M. Abdullah. “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.”

HAPI recipients must be employed by Virginia State University. The home purchased using the funds must be the employee’s 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. 

Original source can be found here