Pay It Forward Approach to Affordable Housing Ownership
The Maggie Walker Community Land Trust (MWCLT) recently broke ground on its first single-family home, to be built on a vacant lot in North Church Hill. This nonprofit is working to create permanently affordable, single family homes for Richmond families using the Community Land Trust (CLT) model. The trust leases the land to an income-qualified homebuyer (making 50 to 115 percent of the area median income) for reduced or no lease payments. The buyer purchases the home and agrees to keep only half of the proceeds when they eventually sell. The remaining proceeds stay with the property to keep it affordable for the next qualified buyer. Homebuyers take homeownership classes from Housing Opportunities Made Equal (HOME).
The lot was purchased with support from Bon Secours Richmond Health System and Virginia Credit Union. The three bedroom home will be built by another local nonprofit, Project:Homes. The home will be EarthCraft certified through Viridiant. Our nonprofit is honored to be a part of the many organizations working to make this vacant lot into an affordable home for generations to come!