Pulaski Program Places First-Time Homebuyers in New Build Properties

The Town of Pulaski, Virginia is connecting first-time homebuyers with newly constructed homes through its Acquire, Renovate, Sell (ARS) program, which couples new construction with affordability benefits aimed at moderate- to low-income families.

At the time the program was highlighted in mid-2023, Pulaski's second ARS property — a three-bedroom, two-bathroom home — was under construction and expected to be completed within 30 to 60 days. A previous ARS home was sold at an example price around $235,000.

How the Program Works

The ARS program is designed to give first-time homebuyers a pathway into a brand-new home they might otherwise be unable to afford. Participants who qualify receive a package of benefits delivered through Virginia Housing, the state's housing finance agency:

• Interest rate 1% below market on a 30-year mortgage
• Down payment grants
• Closing cost assistance
• Housing counseling to prepare buyers for sustained homeownership

Who Qualifies

Eligibility is aimed at moderate- to low-income households. According to Mike Haskins, Pulaski's Director of Economic Development, applicants with a credit score in the 620–640 range or higher will typically qualify through Virginia Housing to access most of the program's benefits. Household income limits also apply — for a household of two or fewer, income generally cannot exceed $95,000.

Why New Construction

Unlike many first-time homebuyer assistance programs that focus on existing housing stock, Pulaski's ARS model centers on adding new inventory to the local market while directing that inventory toward first-time buyers. The approach tackles two issues at once: a shortage of move-in-ready homes in Pulaski and the affordability barrier that keeps first-time buyers out of ownership.

How to Get Involved

Interested buyers can contact Mike Haskins, Director of Economic Development for the Town of Pulaski, at 540-994-8619 for application details and to learn when new ARS properties are coming to market. Because ARS homes are released one at a time as construction finishes, availability is limited and buyers are encouraged to begin the Virginia Housing pre-qualification process early.