'We are delivering something transformational': Henrico announces $60M affordable housing trust fund

With $60 million and a dedicated stream of revenue from data centers, Henrico is establishing a trust fund that will support affordable homeownership throughout the county. Board of Supervisors Chairman Tyrone E. Nelson announced the trust at a May 16 news conference, labeling the high costs of housing as a crisis.
With funds available beginning July 1, the trust will buy and retain ownership of lots in subdivisions and other developments, allowing homebuyers to own only their dwelling, thereby reducing their monthly mortgage payments.
"We're doing something different," Nelson said. "This Board asked the county manager and his staff to come up with something that is transformational, and we are delivering something transformational."
Homes in the program will benefit from a waiver of water and sewer connection fees and building permit fees as well as an expedited planning review.
"At the end of the day, we believe these actions could reduce the cost of buying a home in our county by as much as 30%," Nelson said.
The median price of a home in Henrico was $355,000 in 2023. The annual income needed to buy a home at the median price for Virginia increased by 76% between 2020 and 2024 - from $67,400 to $118,300, according to Virginia REALTORS.
For more information, visit henrico.us/news/2024/05/henri....