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still somewhat below the maximum permitted by the federal government.
Moderate income families may receive mortgage loans at interest rate that prevails at the time a loan reservation is made. The current fixed rate offered is 7.875 percent. These loans will be available for families whose loan reservations are made on or after Nov. 20 and whose loans are closed on or after Dec. 2.
Gov. Wilder said that this '‘infusion or mortgage credit will give a significant boost to our homebuilding industry—while at the same time—giving moderate income families a chance at homeownership.”
“The additional assistance from Gov. Wilder and the targeting of our home loan program to more low income and more moderate income families should enable VHDA to help house more families and to help generate more economic activity,” said John Ritchie Jr., VHDA’s executive director.
VHDA was established in 1972 to encourage the investment of private capital from throughout the nation in affordable housing that is sold or rented to low- or moderate-income families in Virginia. A financing authority that is completely self-supporting, VHDA’s financial services have aided more than 110,000 Virginia families and generated more than $3.9 billion in economic activity.
VHDA programs also have helped to create more than 33,000 construction jobs and produce more than $246 million in federal and state taxes. More than $17 million in local real estate taxes are generated annually by VHDA programs.
94.1%