‘This is mine:’ Henrico Affordable Housing Trust Fund helps first-time homebuyers purchase a house

For Yvettrise Hoskie, owning a home was a dream she wasn’t sure would ever come true.

However, after hearing about Henrico’s Affordable Housing Trust Fund, she took the steps necessary to participate in the program last summer. By December, she and her son were moving into their new townhome at The Crossings at Mulberry, off Chamberlayne Road. Developed by StyleCraft Homes, The Crossings is one of 13 communities across Henrico that are participating in the program.

“I would recommend anyone to this program,” said Hoskie, who works as a nurse. “I didn’t think I’d be able to purchase a home, but here I am, first-time homebuyer enjoying my first home.”

The Affordable Housing Trust Fund is an innovative program where tax revenue generated from data centers is used to reduce the prices of new homes to help qualifying first-time buyers. The Board of Supervisors established the program in 2024 by allocating $60 million to help households earning between 60% and 120% of the area median income purchase their first home in the county.

“We took something that’s a pretty controversial initiative – data centers – created a program that is very innovative and transformational. We’re helping people who are otherwise priced out of the home ownership market,” said Eric Leabough, director of the Department of Community Revitalization, which oversees the program.

The trust fund covered $100,000, bringing down the cost Hoskie’s two-bedroom and two-and-half bathroom townhome to $246,000. She is one of 87 first-time homeowners to benefit from the program so far, with hundreds more on the way.

Now, Hoskie and her son are enjoying turning their house into their home – from painting accent walls together to hanging up “welcome to our home” signs and grilling in their backyard.

“To know that I have my own home now, I can take a deep breath and say, ‘This is mine. I worked hard for it.’ And I am planning to stay here for as long as God allows me to be here on Earth,” Hoskie said.

The program has made significant progress on its goal to support the development and sale of 750 homes in five years. So far, 472 units have been approved for sale, with the county committing $38.9 million from the trust fund to make them more affordable. The average grant is $80,000 to $90,000, according to Leabough.

The program also has drawn attention from media and lawmakers, including U.S. Sen. Mark R. Warner, of Virginia, as a possible model for addressing the severe shortage of affordable housing nationwide.

“I think it just can show what localities can do for affordable housing if they really put their minds to it,” said Emily Hurley, a revitalization specialist with Community Revitalization.

Xavier Nora always saw himself becoming a homeowner, even as a young adult. However, he never imagined reaching the milestone the way he did.

“I did imagine myself at this age being in a home,” said Nora, 23, “but this fund was something I could have never imagined for myself.”

Nora, who works in sales, has settled into a second-level townhome in the Landmark Towns community off East Williamsburg Road in Sandston. His home features three bedrooms, 2½ bathrooms, new appliances, spacious closets and a patio. From that vantage point, he enjoys watching his community take shape.

“You’ll see single, young homeowners. You’ll see families. You’ll older, retired couples. You’ll see a mixed demographic,” he said. “But everyone here is kind. It’s nice. It’s quiet.”

When Antinita Marrow was looking to buy a home in the River East neighborhood, she only told two people – her granddaughters.

“I told who I could trust, and I told who I knew could get a prayer through,” she said.

Soon after that, she closed on a three-bedroom, 2 ½-bath house off New Market Road in Henrico’s east end.

Her granddaughters now live just five minutes away. She cherishes their conversations around her new kitchen counter and even gave them their own rooms.

“I always say I am going to go where the blessing is,” she said.

“With the down payment assistance, it put me in a position where it’s affordable,” she said. “It got my mortgage where I wanted it to be.”

Her home was priced around $220,000. Thanks to the Affordable Housing Trust Fund, she received just over $17,000 toward her down payment.

The Affordable Housing Trust Fund is managed by the nonprofit Partnership for Housing Affordability.