Maggie Walker Community Land Trust Homeownership Program

Maggie Walker Community Land Trust Homeownership Program is a shared-appreciation loan for homebuyers in Richmond, Virginia, administered by Maggie Walker Community Land Trust. The Maggie Walker Community Land Trust develops and stewards permanently affordable single-family homes for sale to income- and asset-qualified buyers in the Richmond, VA region. MWCLT sells the home while retaining ownership of the underlying land through a 99-year renewable ground lease, lowering the purchase price below market. In exchange, the homeowner agrees to a resale-price restriction tied to growth in the Richmond AMI, keeping the home affordable for future buyers. MWCLT does not issue mortgages or provide down payment assistance directly, but partners with approved lenders and external DPA/education providers. Below-market purchase price on a permanently affordable home. Resale formula lets owners build limited equity tied to AMI growth. One-time subsidy keeps home affordable for future buyers. Connections to external DPA and matched-savings programs. Funding comes from Community Land Trust subsidy (one-time subsidy embedded in the below-market home price; land retained by the trust).

Maggie Walker Community Land Trust Homeownership Program is a shared-appreciation loan and is repaid under the terms set by Maggie Walker Community Land Trust. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Maggie Walker Community Land Trust Homeownership Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Approved lenders require a minimum credit score of 620; applicants below this are referred to credit counseling. A homebuyer education course is required, through HUD-certified homeownership class required; providers include Housing Opportunities Made Equal (HOME of VA), Virginia Housing, and Southside Community Development and Housing Corporation. [Unparsed numeric values moved to notes: max_liquid_assets: Value of applicant's assets may not exceed 25% of the market-appraised value of the home being purchased] Must attend an MWCLT information session; obtain mortgage pre-qualification from an approved lender; combined mortgage + down payment must total at least $150,000; complete a HUD-certified homeownership class. Must agree to the ground lease resale restriction, occupy as primary residence, and may not rent the home.

Maggie Walker Community Land Trust Homeownership Program limits household income to 115% of the area median income, which varies by county and household size. Maximum household income limits at 115% AMI for the Richmond, VA MSA (2025): 1p $91,425; 2p $104,420; 3p $117,530; 4p $130,525; 5p $140,990. Homes reserved for households from 80% AMI (4-person 80% AMI = $90,800) up to 115% AMI. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Maggie Walker Community Land Trust Homeownership Program can be used for Single Family and Townhouse. New construction is eligible.

Maggie Walker Community Land Trust Homeownership Program serves homebuyers purchasing in Richmond, Virginia. The program targets specific areas: Serves the City of Richmond and the Counties of Chesterfield and Henrico.

Applications for Maggie Walker Community Land Trust Homeownership Program go through Maggie Walker Community Land Trust, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.