Henrico is working to create affordable housing communities. Are you eligible?

HENRICO COUNTY, VA. — Earlier this year, Henrico County launched a $60 million Affordable Housing Fund to address the growing need for affordable housing as home prices rise. The fund is primarily funded by the county’s booming data center sector.

The Affordable Housing Fund is designed to provide grants to both nonprofit and for-profit organizations to help offset the costs associated with neighborhood homes and other developments that qualify for the program. The lots are purchased through the Maggie Walker Land Trust, with the county retaining ownership even after the homes are built and sold.

The strategy is designed to “significantly reduce homeowners’ monthly mortgage costs,” county officials said.

In addition to grant funding, the county will waive water and sewer hookup and building permit fees, further reducing costs for developers.

The trust’s plans include building 14 affordable homes in the River East area, 20 in the Arcadia area and 12 on various sites throughout the county.

The initiative comes as Henrico County residents struggle with rising home prices.

Virginia REALTORS’ recent Richmond Region Market Performance Report shows the county’s median home price has reached $465,010, up 4.3% from last year.

The report also found that Henrico County was the only local market to see a decline in pending sales compared to the previous year, with an overall decline in home sales.

“The program is intended for people whose household incomes are between 60% and 120% of the area median income, as defined by the U.S. Department of Housing and Urban Development,” the department said. district published on the Internet. “For example, this means an income of $52,960 to $105,960 for a family of two and $66,180 to $132,360 for a family of four.”

CBS 6 is committed to sharing the community’s views on this important topic. Send your thoughts to the CBS 6 Newsroom..

: CONTACT US

Facebook|Instagram|X|Topics|TikTok