Since our beginning in 2016, we have been growing ambitiously—deepening our commitment to permanently affordable housing and racial equity, expanding our reach across the Richmond region, and serving more households at lower income levels. Here are a few of our accomplishments so far, and a look at the path ahead.
As of January 2021, our homeowners occupy 50 permanently affordable homes across the Richmond region.
It took us nearly four years to bring our first 50 homes to Richmond, Chesterfield, and Henrico. But we expect our next 50 homes to be occupied by 2022—doubling our size in half the time.
Because of the CLT’s permanent subsidies and resale price limits, we can expect to maintain this level of affordability permanently.
Even though our program limits are 80% and 115% of AMI, the median income of our households is almost 50% lower than the Richmond AMI of $89,400.
With the CLT model’s roots in the Civil Rights Movement, racial equity is a core part of our mission. By serving more Black buyers and buyers of color, we help build the generational wealth that has been denied to people of color in the Richmond area.
Our unique lease-to-own program got started in Church Hill with three brand new homes, thanks to the City of Richmond’s Affordable Housing Trust Find. This arrangement allows us to serve buyers at 50% of AMI, an even lower income level, who may have credit or savings issues that prevent them from qualifying for a traditional mortgage.
With generous support from Morgan Trust, the CLT will be able to lower rents even further and keep them affordable permanently.
Our partnership with Eagle Construction will help make our homes even more deeply affordable, and build our first subdivision in Ettrick thanks to Chesterfield County.
