The Maggie Walker Community Land Trust had a monumental week as it was announced on September 21st that the Community Foundation had awarded the MWCLT $1 million followed by the Richmond City Council adopting an ordinance designating the MWCLT as the official city Land Bank on September 24th.
This Community Foundation grant was given in light of their 50-year anniversary of philanthropy in the greater Richmond region. This gift will directly fund the acquisition and subsidy of 40 future homes. These homes will accelerate the MWCLT’s goal of having 113 homes in the trust within the next five years. Ultimately, this gift will allow for hundreds of families spanning over decades to become homeowners.
On the 24th, the Richmond City Council reviewed the proposed annual plan for the Land Bank enabling MWCLT to become the city’s Land Bank. The Land Bank will address tax-delinquent or vacant properties and turn them into community assets. Additionally, the main priority of the plan for the Richmond Land Bank will be a greater focus on affordable housing. The hope is that this ordinance will set into motion plans for community revitalization and affordable housing in communities that are swiftly changing due to rising property values.