Maggie Walker Community Land Trust Homes
Homes sold below market because the land trust keeps the land under a long-term ground lease. You build some equity, and the home stays affordable for the next buyer.
- Run by
- Maggie Walker Community Land Trust (MWCLT)
- Serves
- City of Richmond, Henrico County, Chesterfield County
- Phone
- (804) 718-0135
- Last checked
Who it's for
- Buyers under MWCLT's income limit: 80% or 115% of area median income, depending on the home
- People who don't own another home and will live in this one as their main residence
What you get
- A home in neighborhoods including Jackson Ward, Randolph, Northside, the East End and Southside, plus Henrico and Chesterfield
- A lower purchase price in exchange for a resale formula tied to how much Richmond's area median income grows while you own it
How to start
- Attend an MWCLT information session.
- Get pre-qualified with one of MWCLT's approved lenders. Your pre-qualification plus savings and any secured down payment assistance must total at least $150,000.
- Apply through MWCLT's site.
Good to know
- You can't rent the home out, and your assets can't exceed 25% of the home's appraised value.
See what else may fit
The free 2-minute check shows which assistance programs may match a home or area you're considering.
Similar programs
- RRHA Homeownership Programs · Housing authority
- Henrico Affordable Housing Trust Fund Homes · County program
- Richmond Metropolitan Habitat for Humanity Homeownership · Nonprofit
Sources
Program rules, amounts and funding change often, and funds can run out. Confirm everything with Maggie Walker Community Land Trust before you rely on it. Martin Kurylowski and Real Broker, LLC are not affiliated with this program and are not lenders or administrators of any assistance program. You're free to work with any agent and any lender.