Richmond Participates in Affordable Housing ProjectJuly 22, 2025

The Richmond team recently wrapped up the first project partnering with Henrico County and the Affordable Housing Trust Fund program to build homes for first-time buyers who meet household income and other requirements.

Seven townhomes in Discovery Ridge in Short Pump were included in the Affordable Housing Trust Fund. While fair market value of the homes averaged around $465K, homes in the program sold for approximately $318K to buyers who qualified.

According to Market President, Tim Parent, “We are proud to be part of the program. This has allowed us to reach a segment of the market that we couldn’t otherwise do, and we hope other builders will jump on board.”

Tim says that he hopes to extend the program to another Mungo community next year.

The Board of Supervisors established the trust fund, effective July 1, 2024, 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 2024 began accepting project applications.