Community Foundations Donate $ 1 Million Each to Two Affordable Housing Organizations | Latest from Richmond
It plans to build homes for households earning between 40% and 60% of the region’s median income. That’s between $ 28,800 and $ 37,800 for a household of two and $ 36,000 and $ 54,000 for a household of four, depending on annual income limits set by the US Department of Housing and Urban Development.
“We are fortunate that elected officials, leaders of our local businesses and philanthropic organizations recognize that affordable housing can help reduce social and racial disparities in our region significantly,” Harris said in a press release.
The Maggie Walker Community Land Trust will use its grant to develop 15 tax-overdue plots it recently received from the City of Richmond. On the properties will increase 38 new affordable homes.
In the land trust model, buyers buy the house, while the non-profit organization retains ownership of the land on which it sits. This lowers the selling price and ensures that the homes will be affordable compared to others in the private market. It also gives buyers who may not be able to afford a home in the region’s burgeoning real estate market the opportunity to build up equity and wealth.