Brenda Smith started the Norfolk Redevelopment Housing Authority (NRHA) HomeNet program about five years ago. But, she said, she didn’t finish.
“I was impatient. I wanted everything then, now. I was in a hurry. I didn’t think about things like my debt and my credit score,” the Norfolk native said. “I felt defeated.”
Her rededication and perseverance years later, however, paid off.
“Once I re applied (to the program) two years ago I stayed focused,” she said.” I just made up my mind this is going to happen. My greatest moment was when I got approved for the full grant amount, because I’d heard my coworkers and other homeowners talking about their struggles with closing costs and down payment.”
In August, Smith, now a first-time homebuyer, closed on a two-bedroom, two-bathroom townhouse in Norfolk. The space, she said, is just enough for her and her grandchildren when they visit.
Smith is one of a growing number of residents throughout the city who have and are benefitting from the authority’s HomeNet program which caters to first time homebuyers. NRHA, in partnership with the City of Norfolk, offers first-time homebuyers up to $40,000 to facilitate access to homeownership through down payment and closing cost assistance. This marks a significant increase of $20,000 from the 2023 funding levels and reflects the rising demand for this kind of assistance.
“Ms. Brenda Smith completed the journey to becoming a homeowner, and we couldn’t be more thrilled for her,” said LaShawn Fortes, NRHA community development director. “Through our program, she was able to raise her credit score by more than 200 points, qualify for $60,000 in down payment and closing assistance, and secure an additional $12,500 in Federal Home Loan Bank funding.”
Nationwide, approximately 65.6% of U.S. households own their homes as of the second quarter of 2024, according to a CNN article. The overall homeownership rate is higher than pre-pandemic levels; however, the national median household income remains below the income needed to purchase a median-priced home.
In NRHA’s service to residents, some of whom may fall below median income levels, programs like HomeNet promote economic mobility, affordability and access, said NRHA Executive Director Nathan Simms said.
“People like Mrs. Smith are, in part, why NRHA exists,” he said. “In our program, she has gained not only a home, but inspiration and the realization of personal, financial goals that position her to continue to be successful.”
Smith was first alerted about HomeNet 20 years ago when her mother went through the program successfully. When it was her turn, the second time, her mother was a motivation.
“When she saw my house she said, ‘it’s perfect for you,’” Smith said.
Now, Smith, 56, is enjoying her new residence and the independence that comes with it.
“It’s a mental thing first. I get pride in knowing I have ownership, and this is mine,” she said. “There are no limitations. There is no HOA. There’s the freedom to decide if I want to paint a wall, I can.”
Information about the HomeNet program is available online or by calling 757-314-4202, Fortes said.
Smith said she would encourage anyone who’s interested in owning a home to inquire about the program. And, to have patience.
“I talked to a coworker about it after she saw a post about me on Facebook. I told her, ‘if that’s what you really want, go for it.’ I sent her the link to NRHA’s online housing classes,” she said. “And, I told her, ‘you have to be patient. It won’t be over night.”