MARTINSVILLE, VA – Applications are underway for a new neighborhood coming to Martinsville.
Officials say it will be affordable housing with low-interest loans available through the United States Department of Agriculture and Rural Development.
The Five Points neighborhood will be located at the five-way intersection of Fayette Street, Memorial Boulevard South, and West Church Street.
The neighborhood will include new townhouses and cottages that range from $125,000 to $155,000.
It should be noted that prices may vary based on final designs and building and construction costs.
The project is a partnership of Virginia Housing, the City of Martinsville, USDA-Rural Development, Nationwide Homes, Silverpoint Homes, the Martinsville-Henry County Economic Development Corporation, the United Way of Henry County & Martinsville, and the Harvest Foundation.
Virginia Housing provided a $500,000 FY20 Community Impact Innovative Demonstrations grant to complete site work for the planned 27 single-family units.
“Virginia Housing is so excited to partner with the City of Martinsville, the Harvest Foundation and others across the area to bring much-needed affordable homeownership opportunities to the region’s workforce,” said Virginia Housing CEO Susan Dewey. “This new innovation program was created to do just that – to help support the adoption of new construction technologies that ultimately expand the inventory of affordable homes to all Virginians.”
Technology and innovation are at the forefront of this project under construction leader Nationwide Homes, officials say.
The company’s modular building process is designed to take advantage of increased efficiencies that reduce waste and provide faster completion times.
“Nationwide Homes has been in business here in the city for over 60 years and is committed to helping improve our community and the lives of our associates and neighbors. It is our goal that this project will help pave the way for future improvements and act as a template for other areas across America to do the same,” said Don Aheron, general manager of Nationwide Homes.
The Harvest Foundation is providing support in the form of an Affordable Housing Fund that will serve as a stop-gap for the project if homes at Five Points are on the market for an extended time.
The City of Martinsville will provide direction on property acquisition and site development.
The United Way of Henry County & Martinsville will serve as the official contact organization for potential applicants interested in housing at Five Points.
Households earning up to $48,300 may be eligible for a 33-year term direct loan, provided by USDA-Rural Development, to finance a new home in the Five Points neighborhood.
Households earning up to $90,300 may be eligible for a guaranteed loan, which is financed through a lender.
These homes are required to be owner-occupied.
Those interested in applying for a new home at Five Points are encouraged to contact Lisa Frick at United by calling 276-403-5965 or 276-358-1261 or emailing Lisa@UnitedWayofHCM.org.
To find out more about the types of homes and available floor plans, contact Silverpoint Homes at 276-790-3966 or email email@example.com.