The communities of the Richmond metropolitan region will be diverse and inclusive with safe, attractive, affordable, and sustainable housing choices for all people.
The Maggie Walker CLT seeks to develop and maintain permanently affordable homeownership opportunities for low and moderate income households.
What is the Maggie Walker CLT?
The Maggie Walker Community Land Trust (MWCLT) is a 501(c)(3) nonprofit organization that seeks to develop and maintain permanently affordable homeownership opportunities for low and moderate-income households. The organization was formed in 2016 and is governed by a volunteer Board of Directors.
Using the Community Land Trust (CLT) model, the MWCLT creates single-family homes that are sold to qualified buyers while retaining ownership of the land beneath the houses. When a homeowner sells, the CLT and the homeowner “share” the equity created by the increase in market value. The CLT’s share stays in the house and is not added to the sales price. This keeps the home affordable to future qualified homebuyers. The CLT model requires only one subsidy at the start and then makes that home affordable to all future purchasers without additional subsidy.
The Maggie Walker CLT is committed to providing perpetually affordable homes to families with modest incomes throughout Richmond’s neighborhoods. In this way, we can keep our neighborhoods diverse and vibrant, even as housing prices rise. Without a program like the MWCLT, some neighborhoods in Richmond will be unaffordable to many of our citizens in the next decade.