In 2007, I was involved with the sale of the first proffered affordable housing units created by Albemarle County policies on this matter. The County has the vision of requiring developers to create housing options that meet requirements based on median income levels. These housing options are designed to serve the workforce in our area that cannot afford to live within the area they serve. Unfortunately, there are loopholes in the policy and these opportunities do not always come to fruition.
In one case, though, they have. The developer of Willow Glen has partnered with Stanley Martin Homes and The Piedmont Housing Alliance (PHA) to allow six of these affordable homes to become available in the market. The lots were sold to the builder at a discounted rate and the builder agreed to build them at their cost and sell them to PHA. Without PHA’s investment and a builder and developer interested in making this happen, this probably would have never occurred and these lots would have passed through the loopholes in the policy.
Two of the six homes are sold and two are available right now at the price of $199,900. You can learn more about this community and opportunity here. These are brand new, energy efficient townhomes built in a new community within Hollymead Town Center north of town. There are income limits for those who can qualify to purchase. For a household with 1-2 persons the income limit is $59,472 and for households with 3 or more persons it’s $72,688.
It gets even better for first-time homebuyers. PHA recently received a $2.7 million allocation of low-cost mortgage money for first-time homebuyers. Those who complete the VHDA First Time Homebuyer’s Class through PHA can apply through any local VHDA lender for these 30-year mortgages at 0.5% rate reduction over the standard VHDA rates (calculated daily; recently 3.125 percent). The income profile includes buyers with gross family incomes up to $87,400 (1-2 family members) and $101,200 (3+ family members); lower income limits apply in Louisa County. Additionally, buyers may be eligible for down payment assistance from PHA for up to 20% of the purchase price. Call PHA’s Karen Reifenberger at 434-817-2436 Ext. 106 to learn more!
Finally, there is another non-profit trying to impact the area’s housing needs as well. The Thomas Jefferson Community Land Trust (TJCLT) is currently offering a brand new townhome in the city for $135,000. A partnership with the City of Charlottesville made this possible. The TJCLT’s vision is to create affordable housing that will remain affordable beyond the first ownership of the home.
Greg Slater is the Listing Broker for the townhomes offered by PHA at Willow Glen and serves on the Board of Directors for the TJCLT. Contact him here or at 434-981-6655.