30 units in Parkside Townes, Discovery Ridge to be available to eligible buyers
A pair of townhouse communities are expected to be the first residential developments to qualify for Henrico County’s Affordable Housing Trust Fund program. Twenty-five units in the Parkside Townes community and five in Discovery Ridge will soon be available to first-time homebuyers who meet household income and other program requirements.
Officials with Henrico, the development companies and others announced the plans today at Parkside Townes, a 123-unit townhouse community under construction by HHHunt on Whiteside Road in Sandston. Discovery Ridge is being built by Mungo Homes at Gayton Road and Lauderdale Drive in western Henrico.
“Between Parkside Townes and Discovery Ridge, we’ll soon have 30 new townhomes that will be affordable and available to qualifying first-time homebuyers, like hardworking nurses and others in health care, restaurant staff and office employees,” said Board of Supervisors Chair Tyrone E. Nelson, of the Varina District. “These beautiful homes will be blended throughout these communities, and they’ll look just like the other homes. Just a few months ago, Henrico County’s Affordable Housing Trust Fund was an idea to put homeownership within reach for more of our workforce. Now, it’s a reality that’s helping us build a stronger, more vibrant community for everyone.”
The Board of Supervisors established the trust fund, effective July 1, with $60 million in previously unbudgeted revenues from data centers, one of Henrico’s fastest-growing industries. The nonprofit Partnership for Housing Affordability (PHA), which is administering the program, developed its criteria with Henrico’s Department of Community Revitalization and in September began accepting project applications. On Friday, a review committee gave conditional approvals for Parkside Townes’ and Discovery Ridge’s inclusion in the program. Formal agreements are expected to follow.
“HHHunt is excited to partner with Henrico County and the Maggie Walker Community Land Trust for funding from the Affordable Housing Trust Fund, which will provide 25 homes in our newest community, Parkside Townes,” said Jonathan Ridout, vice president of real estate development and general manager of HHHunt. “Parkside Townes was designed with the goal of affordability. We have been diligent in optimizing our land plan and our home plans to maximize the value we are able to offer in this community.”
“We, at Mungo Homes, are very excited to participate in this amazing program,” said Tim Parent, market president for Mungo Homes. “Opening the doors for additional first-time homebuyers in the Henrico housing market, along with providing safe, secure and quality dwellings that buyers can call home, is so very important to us. We are hoping that Discovery Ridge is just the first of many communities that we can participate in growing this program as we are actively looking for additional opportunities in Henrico to help first-time homebuyers.”
The Affordable Housing Trust Fund program aims to help working adults become homeowners by bridging the gap between what they can afford and prevailing home prices, which have soared in recent years due to strong demand and elevated interest rates. The household income needed to afford a home in Virginia has increased by 76% in the past four years, and the median price of a home in Henrico jumped to $355,000 in 2023 – an amount that would be affordable for less than one-third of the county’s households, according to county officials.
All homebuyers and residential developments in the program must meet its requirements and be approved for participation. In most cases, the trust fund is expected to reimburse builders and developers for eligible costs for land and other expenses associated with the construction of new single-family homes, townhouses and condominiums. Buyers also will benefit from a waiver of county fees for utility hookups and permits. In addition, qualifying developments will receive an expedited review of plans.
To be eligible for funding, a builder or developer must submit an application with PHA. Following a review and conditional award, applicants would enter into an agreement with PHA that would establish a maximum sales price for the participating dwellings and set the income limits of eligible buyers. Overall, the program is designed for individuals with household incomes between 60% and 120% of the area median income, as defined by the U.S. Department of Housing and Urban Development.
All qualifying dwellings must be owner-occupied, and each lot will carry deed restrictions for at least 10 years, even if it’s resold. During that period, any new buyer must meet the same qualifications as the original purchaser. Some homes, such as those in Parkside Townes, could retain the program’s affordability goals in perpetuity.
Henrico officials expect the program to eventually support the construction and sale of 100 to 150 homes per year as awareness and interest grow.
For more information on the program or to apply as a builder or developer, visit pharva.com/henrico-trust-fund/. Builders and developers must have at least five years of experience and must have developed, constructed and sold at least 30 homes. They also must be able to start construction within 12 months of applying and meet additional project deadlines. PHA expects to provide in November a portal to link prospective homebuyers with qualifying developers and builders.
Henrico County Affordable Housing Trust Fund Development Profiles
Development: Parkside Townes
Developer/Builder: HHHunt
Location: 26 acres off Whiteside Road, near Chickahominy Family YMCA and Taylor Farm Park
Status: Site work wrapping up; home construction underway
Total units: 123 townhomes
Total units to be sold with support from AHTF program: 25 townhomes
Expected market price of units: Low $300,000s; AHTF buyers’ portion would be in low $200,000s
Income limit for AHTF buyers: 80% to 110% of area median income. Maggie Walker Community Land Trust will handle homebuyer applications and qualifications.
Development: Discovery Ridge
Developer/Builder: Mungo Homes
Location: 7.7 acres at Gayton Road and Lauderdale Drive, behind Discovery Methodist Church
Status: Units under construction and finished
Total units: 24 townhomes
Total units to be sold with support from AHTF program: 5 townhomes
Expected market price of units: mid-$400,000s; AHTF buyers’ portion will be in low to mid-$300,000s
Income limit for AHTF buyers: 120% of area median income