HENRICO COUNTY, Va. — Earlier this year, Henrico County launched a $60 million Affordable Housing Trust, aiming to address the growing need for affordable housing amid rising home prices. The trust is primarily funded by the county’s booming data center sector.
The Affordable Housing Trust is designed to provide grants to both nonprofit and for-profit entities, helping to offset costs associated with residential lots in subdivisions and other developments that comply with program requirements.
On Tuesday, the county announced a pair of townhouse communities, Parkside Townes and Discovery Ridge, will soon be available to first-time homebuyers who meet household income and other program requirements.
According to the county, there will be an estimated 25 units in the Parkside Townes community and five in Discovery Ridge.
According to the county, depending on how a particular development is structured, land may be acquired through the nonprofit, Maggie Walker Community Trust. If the Maggie Walker Community Land trust is involved, it would retain the lot. In other instances, a lot may be owned by the home owner.
This strategy is intended to "significantly lower the homeowner's monthly mortgage costs," according to county officials.
In addition to grant funding, the county will waive fees for water and sewer connections and building permits, further reducing costs for developers.
According to plans released in May, the trust would include the construction of 14 affordable homes in the River East subdivision, 20 in the Arcadia community, and 12 at various infill sites throughout the county.
As of now, only Parkside Townes and Discovery Ridge communities have been approved to include homes that will be supported by the Affordable Housing Trust Fund.
The initiative comes as Henrico County residents grapple with rising housing prices.
A recent Virginia REALTORS Richmond Region Market Indicators Report shows the average home price in the county has reached $465,010, a 4.3% increase from last year.
The report also indicated that Henrico County was the only local market to experience a decline in pending sales compared to the previous year, with an overall decrease in home sales.
"The program is designed for individuals with household incomes between 60% and 120% of the area median income, as defined by the U.S. Department of Housing and Urban Development," the county posted online. "For example, that means incomes of $52,960 to $105,960 for a two-person household and $66,180 to $132,360 for a four-person household."
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