Henrico officials announce new affordable housing communities
HENRICO COUNTY, Va. (WRIC) — Henrico County officials announced the locations for the two communities that were selected for the county's first Affordable Housing Trust Fund program. On Tuesday, Oct. 29, Henrico County officials announced plans for two affordable townhouse communities -- one on Whiteside Road in eastern Henrico and one on Gayton Road in western Henrico. The Henrico County Board of Supervisors established a $60 million trust fund in July after announcing plans in May. The program aims at helping working adults such as health and childcare workers, paralegals and teachers become homeowners by bridging the gap between what they can afford and current home prices. There are requirements for first-time homeowners, such as having an income between 60% and 120% of the area median income, according to the U.S. Department of Housing and Urban Development. This means incomes of $52,960 to $105,960 for a two-person household and $66,180 to $132,360 for a four-person household. Every home will have at least a 10-year affordability period, even if it’s resold during that period and any new buyer would have to meet the same qualifications as the original purchaser. Board of Supervisors Chair Tyrone E. Nelson said this could be the first step closing the gap in the affordable housing crisis in the county and the nation. “Homeowners are quickly slipping from the reach of many in our community because home ownership is becoming unattainable, is robbing hard working individuals and their families, have opportunities to build equity through home ownership,” Nelson said. “Access to housing is essential for a vibrant economy and for a strong workforce. The people that we're helping are our hardworking neighbors and others in the community.” Officials said an online portal will be available to submit applications. The goal is to eventually have as many as 100 to 150 new homes per year sold through the program as awareness grows.
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HENRICO COUNTY, Va. (WRIC) — Henrico County officials announced the locations for the two communities that were selected for the county's first Affordable Housing Trust Fund program.
On Tuesday, Oct. 29, Henrico County officials announced plans for two affordable townhouse communities -- one on Whiteside Road in eastern Henrico and one on Gayton Road in western Henrico.
The Henrico County Board of Supervisors established a $60 million trust fund in July after announcing plans in May. The program aims at helping working adults such as health and childcare workers, paralegals and teachers become homeowners by bridging the gap between what they can afford and current home prices.
There are requirements for first-time homeowners, such as having an income between 60% and 120% of the area median income, according to the U.S. Department of Housing and Urban Development. This means incomes of $52,960 to $105,960 for a two-person household and $66,180 to $132,360 for a four-person household.
Every home will have at least a 10-year affordability period, even if it’s resold during that period and any new buyer would have to meet the same qualifications as the original purchaser.
Board of Supervisors Chair Tyrone E. Nelson said this could be the first step closing the gap in the affordable housing crisis in the county and the nation.
“Homeowners are quickly slipping from the reach of many in our community because home ownership is becoming unattainable, is robbing hard working individuals and their families, have opportunities to build equity through home ownership,” Nelson said. “Access to housing is essential for a vibrant economy and for a strong workforce. The people that we're helping are our hardworking neighbors and others in the community.”
Officials said an online portal will be available to submit applications. The goal is to eventually have as many as 100 to 150 new homes per year sold through the program as awareness grows.
