Land trust to showcase four new affordable homes
The Thomas Jefferson Community Land Trust is showcasing four new permanently affordable homes for-sale on Nassau Street during a Hard Hat Tour from 7:30 a.m. – 9:30 a.m. on Wednesday, July 10, at 816 Nassau St.
In 2017, the TJCLT was granted $240,000 from the City of Charlottesville’s Affordable Housing Fund (CAHF) to acquire and develop four lots on Nassau Street in Charlottesville.
The TJCLT partnered with Bramante Homes, Inc. and several private sector partners to build four affordable homes. The TJCLT utilized a successful model of a public-private-nonprofit partnership that can create permanently affordable homes available to individuals and families making 80% or less of the Area Median Income.
Elected officials, donors, partners, supporters, prospective homeowners, community members, and the media are welcome to attend the Hard Hat Tour and celebrate the progress of the Nassau Street project, as well as learn more about the TJCLT and its efforts to address the need for more affordable housing in our area. Additional Information about the Nassau Street project (e.g., pathway to purchase, location, features, and partners) can be found here: www.tjclt.org/coming-soon.
Nassau Street specs sheets are attached to this press release (4 pages). Refreshments will be provided. Registration is not required.
About the Thomas Jefferson Community Land Trust
The Thomas Jefferson Community Land Trust is a 501(c)3 not-for-profit organization created in 2008 to create and preserve a permanent supply of affordable homes in Charlottesville and the surrounding communities. The first Community Land Trust established in the state of Virginia, the TJCLT creates homeownership opportunities for low- to moderate-income families who may otherwise not be able to afford to purchase a home in the Charlottesville area’s housing market – families who make 80% or less of the Area Median Income.
The TJCLT provides affordable housing that efficiently uses grant and donor funding by ensuring the creation of homes that remain affordable into perpetuity. To do so, the TJCLT acquires the land and maintains permanent ownership of it. An income-qualified homeowner purchases the improvements on the land (the home) and pays a minimal fee to lease the land from the trust. Removing the cost of the land often takes the purchase price down between 20-40% for the prospective homebuyer, making the house significantly more affordable for the family. In exchange, the homeowner agrees to sell the home at a resale-restricted affordable price to another income-qualified buyer in the future, while still collecting all earned equity and a portion of the market appreciation on the home. This ensures successful home ownership for generations of low- to moderate-income families and makes the house a permanently affordable asset in the community.
The TJCLT is working to maintain the character, vibrancy, and diversity of Charlottesville and the surrounding communities by bridging the gap between the area’s increasingly high property values and the moderate incomes of many of the people who live and work there – people who are vital to the community’s future. The goal of the TJCLT is to balance the interests of present homeowners with the long-term goals of the community to provide affordable housing for future generations.