Chesterfield County CLT Housing
About the project
Formed in 2016, Maggie Walker Community Land Trust (MWCLT) seeks to develop and maintain permanently affordable homeownership opportunities for low and moderate-income households. Following the Community Land Trust model, MWCLT creates homes that are sold to qualified buyers while retaining ownership of the land beneath the houses. This enables homes to be sold below market value, and provides an affordable and sustainable alternative to renting.
Maggie Walker Community Land Trust is located in Richmond, VA, and serves the city of Richmond in addition to the counties of Henrico and Chesterfield.
LISC provided $300,000 in working capital to assist with MWCLT's acquisition and renovation of six distressed single-family homes in Chesterfield County. All properties will be moderately renovated or rebuilt, and will be available to first-time homeowners earning up to 80% AMI. The community will also be mixed-income and create wealth-building opportunities for working class families.
Partner:
Maggie Walker Community Land Trust
Location:
Richmond, VA
Total Investment:
$300,000
Outstanding Balance:
$7,500
Results:
6 units
Project Category:
Affordable Housing
Product:
Working Capital loan
Website:
UN SDGs:
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