A rehabilitated home at 629 Fayette Ave. will be sold this month to a first-time homebuyer following an extensive improvement project guided by Henrico County.

Representatives of the Henrico Department of Community Revitalization, Southside Community Development & Housing Corp., Better Housing Coalition and others will gather at the home on Thursday, Nov. 15 to celebrate its transformation.

The event will begin at 10:30 a.m. and will feature tours of the property and remarks by project leaders, Fairfield District Supervisor Frank J. Thornton and Marie Bailey, who is scheduled to buy the home. The 1,576-square-foot, ranch-style property was built in 1953 in the Fayette Park subdivision, off Richmond-Henrico Turnpike near Richmond International Raceway.

Southside Community Development & Housing Corp., a nonprofit community development corporation, bought the vacant and dilapidated home in foreclosure for $30,000, using funds provided to Henrico by the federal HOME program, which supports efforts to create housing for individuals with low and moderate incomes. Better Housing Coalition was hired as a contractor and recently completed more than $70,000 in improvements.

The rehabilitation project highlights Henrico’s approach to using HOME funds, a portion of which is set aside to help first-time homebuyers. With the Fayette Avenue project, the Department of Community Revitalization focused on a vacant property that had become blighted and a persistent challenge for the community and the county.