By: Maria-Paula

Prospective first-time homebuyers and home builders will have an opportunity later this month to learn more about Henrico County’s affordable homeownership initiative at a free community information fair.

Henrico County and its community partners will host “Ready, Set, Close! First-Time Buyer Event” Thursday, Sept. 24, at Deep Run Recreation Center. The event will be conducted as an open house, allowing attendees to arrive at any time during the three-hour period, beginning at 4 p.m.

The event’s aim is to qualify first-time homebuyers who want to learn about available affordable homes, eligibility requirements and homeownership assistance programs. Home builders and developers are also invited to learn about incentives available through Henrico County to support the construction of quality, affordable housing.

This comes at a time when the county’s Affordable Housing Trust Fund continues to expand access to homeownership for residents who have been priced out of Henrico’s housing market.

Established in 2024, the trust fund had an initial $60 million commitment over five years, using incremental real estate tax revenues generated by data centers in the county. The program lowers the purchase prices of newly constructed homes for qualifying first-time buyers.

The initiative has gained significant momentum. According to Henrico County, 87 homes supported by the trust fund have already been purchased by qualifying first-time homebuyers, while 472 homes have been approved for the program. The county has committed approximately $38.9 million from the trust fund toward those approved homes.

The homeownership program is designed to assist households earning between 60% and 120% of the area median income, although specific income requirements can vary depending on the development and program criteria.

At the upcoming event, prospective buyers can meet representatives from Henrico’s nonprofit housing partners, including the Partnership for Housing Affordability, Housing Opportunities Made Equal (HOME) of Virginia, Maggie Walker Community Land Trust, Local Initiatives Support Corporation (LISC) Virginia, Richmond Habitat for Humanity and Virginia Housing.

Participants can equally learn about homes currently available or expected to become available through participating builders, including Stanley Martin Homes, HHHunt Homes, StyleCraft Homes, Ryan Homes, Center Creek Homes and D.R. Horton.

The initiative has already demonstrated how county support can significantly reduce the cost of newly built homes.
In one recent example, a Henrico resident purchased a two-bedroom townhome at The Crossings at Mulberry with the trust fund providing $100,000 toward reducing the purchase price. The home was ultimately purchased for $246,000.

County officials say the initiative is intended to address a growing challenge facing prospective homeowners: rising housing costs that have made purchasing a first home increasingly difficult even for working households.

Emily Hurley, a revitalization specialist with Henrico’s Department of Community Revitalization encouraged prospective buyers to attend the event and learn more about the opportunities available through the trust fund.

“Buying your first home has never been more challenging,” said Hurley.

The program also seeks to increase the supply of affordable homes by providing financial support and other incentives to developers and builders. According to the county, eligible projects can receive funding for expenses such as land acquisition, engineering and design, site preparation and construction, and certain county fee waivers.

Henrico County has set a five-year goal of supporting the development and sale of 750 affordable homes through the initiative. With 472 units already approved, the program is more than halfway toward that goal.

The Sept. 24 information fair is free and open to the public. Individuals who require accommodations are asked to contact Hurley at 804-501-7612 or hur034@henrico.gov by Sept. 10.

Henrico residents interested in buying a home can also obtain eligibility information and search for homes participating in the program through the county’s administering nonprofit, Partnership for Housing Affordability. The county says developers and builders interested in participating can also access information through the program.