Funding for Affordable Housing: Oak Grove Townhomes 

We’re excited to announce that Governor Younkin has recommended the Maggie Walker Community Land Trust Oak Grove Townhomes project for funding from the Southeast Crescent Regional Commission (SCRC). This project will build affordable housing on the south side of Richmond. SCRC will finalize approval of these project awards later this year. Oak Grove Townhomes will offer safe and affordable housing options for low and moderate-income individuals and families in an area with a high demand for workforce housing. PlanRVA provided technical support for the grant application, and we look forward to the difference this project will make in our community.  

Oak Grove Townhomes will be an inclusive and affordable neighborhood of 15 townhouses of approximately 1,010 square feet, with 2-3 bedrooms. The median sale price in that area is around $188,500, but these townhomes will be more affordable at $185,000, with additional down payment assistance that can lower the cost even more. This price point increases the opportunity for local residents to transition from renting to homeownership.  

The townhomes will be built near the I-95/64 corridor, enabling residents to easily commute to various employment centers, including areas like Petersburg and the West End. This proximity to job opportunities is a critical factor in retaining a skilled workforce. When employees can live near their workplaces, it reduces commute times, enhances work-life balance, and contributes to greater job satisfaction and productivity in areas currently restricted by high land acquisition costs.

Community Land Trust model

Under a Community Land Trust (CLT), the land is owned by the trust and is typically leased on a long-term basis (often 99 years) to individuals or families who own the homes built on that land. Removing the cost of land allows for more affordable access to housing. CLTs often have mechanisms in place to ensure that the housing remains permanently affordable, even as it changes hands. This can be achieved by placing restrictions on the resale price or by providing subsidies to future buyers. The housing offered through the CLT program is substantially below market sales price, in a region of Virginia that is experiencing intense price appreciation and a growing need for affordable housing. 

Affordable homeownership is not just about providing shelter; it's a catalyst for economic empowerment. Families who gain access to affordable housing attain financial stability, build equity over time, and actively contribute to the prosperity of their community.  

Maggie Walker Community Land Trust 

The Maggie Walker Community Land Trust (MWCLT) serves a critical need in the Richmond metropolitan area. The region is grappling with a severe shortage of affordable housing options, disproportionately burdening low- and moderate-income households. High rental costs, limited pathways to homeownership, and escalating property values have created a housing crisis that threatens the economic stability and well-being of many residents. The Oak Grove Townhomes project will provide stabilization for a historically Black community, empowering individuals and families by offering opportunities for homeownership and wealth-building. 

The Oak Grove Townhomes project aligns with several key strategic goals outlined in the Richmond Regional Housing Framework designed by the Partnership for Housing Affordability, Richmond, Virginia (PHARVA). It contributes to investing in critical infrastructure and expanding the affordable housing stock and access to affordable housing, critical issues in the PHARVA framework. This project is also the result of a strategic partnership between MWCLT and Lynx Ventures, highlighting the importance of public and private entities working collaboratively to tackle housing affordability challenges. PlanRVA is proud to support this collaboration to build affordable housing access in our region.