1012 Dearing Street
Circa 1875

• Year built: 1875
• Total Sq. Ft. 1191
• 6 rooms
• 1 bath
• No basement
• Lot size: 44 x 132

HOMESTEADING PROGRAM
Lynchburg Redevelopment and Housing Authority

The Homesteading Program is a local revitalization program administered by the Lynchburg Redevelopment and Housing Authority. Currently, properties are available in the College Hill and Garland Hill neighborhoods. The properties in the program have been vacant for at least a year, are not habitable and need major repair work. The goal of the program is to have these properties rehabilitated and occupied by homeowners who will properly maintain them. Approved applicants who meet all of the program requirements receive title to the property for one dollar ($1.00).

The Authority will also accept proposals from investors who propose to rehabilitate a property for re-sale to a purchaser who will occupy the property as his/her principal residence for a minimum of five years. In addition, proposals will also be accepted from investors planning to rehabilitate the property for rental use. Investors are required to reimburse the Authority for its cost of transferring the property to the investor. This would include legal fees and recording costs.

Program Requirements
• Exterior work must be approved by the City's Historical Preservation Commission.
• All exterior work must be completed within one (1) year and the entire renovation must be completed within three (3) years of the execution of the Homesteading Agreement
• Purchaser must comply with the Authority's lead based paint requirements.
• Purchaser must occupy the property as his/her principal residence for at least five (5) consecutive years from the initial date of occupancy and properly maintain it.
• While vacant, the property must be registered annually with the City's Department of Community Planning and Development and pay the $25.00 registration fee.

General Repairs Required
• All major systems-heating, plumbing, electrical, roof
• New kitchen and baths
• Exterior and interior renovation

For additional information, please contact a member of the Authority's Development staff at 434-845-9011.