Sept. 18, 2019
CHESTERFIELD COUNTY, VA — Today, Chesterfield County and Maggie Walker Community Land Trust (MWCLT) celebrated the rehabilitation and sale of the first residence to an income-eligible homebuyer as part of their partnership.
In 2018, MWCLT was awarded $500,000 of Community Development Block Grant (CDBG) funding from Chesterfield County. The terms of the grant stipulate that MWCLT retains ownership of the land beneath the properties the land trust rehabilitates, and then lease that land to the homeowner. In this way, the cost of the house for the homebuyer is significantly reduced, as they must only cover the costs of the home, not the property. This then expands the pool of eligible homebuyers and ensures that the house remains affordable in perpetuity.
The single-family house commemorated today, located at 5616 S. Melbeck Road in the Dale District of the county, was purchased in December 2018 by MWCLT.
By June 2020, MWCLT plans to sell an additional eight houses using this model and the grant allocation.