Mungo Homes to Partner with Henrico County Affordable Housing TrustOctober 31, 2024

A pair of townhouse communities are expected to be the first residential developments to qualify for Henrico County’s Affordable Housing Trust Fund program. Officials with Henrico, the development companies and others recently announced the plans that homes in Discovery Ridge built by Mungo Homes will soon be available to first-time homebuyers who meet household income and other program requirements.

“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,” said Varina District Board of Supervisors Chair, Tyrone E. Nelson, emphasizing that nurses and other healthcare professionals, along with restaurant staff and office employees would especially benefit from the program.

“We 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 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.

In addition to the homes in Mungo’s Discovery Ridge, HHHunt is also a partner and will offer homes in the Parkside Townes community.