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New River Home Trust (Community Land Trust)

New River Home Trust (a program of Community Housing Partners) · Blacksburg, Virginia

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See what you qualify forOfficial program site →
Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Shared appreciation

Settled on the terms set by New River Home Trust (a program of Community Housing Partners)

What is New River Home Trust (Community Land Trust)?

New River Home Trust (Community Land Trust) is a shared-appreciation loan for homebuyers in Blacksburg, Virginia, administered by New River Home Trust (a program of Community Housing Partners).

  • The New River Home Trust (NRHT) is a community land trust created in 2023 in partnership with Montgomery County and the Town of Blacksburg, operating as a program of Community Housing Partners. It develops permanently affordable for-sale homes in Montgomery County, VA for households up to 80%, 100%, or 120% AMI (by property). Buyers purchase only the home and lease the land via a 99-year renewable ground lease ($10-$25/month), removing land cost from the price (first home sold roughly $100,000 below market). Affordability is preserved through an AMI-indexed resale restriction while homeowners still build equity through principal reduction, limited appreciation, and approved improvements.
  • Below-market purchase price via removal of land cost.
  • permanently affordable homeownership.
  • fixed low ground-lease fee ($10-$25, not increased for 99 years).
  • equity through principal and limited appreciation.
  • one-time income qualification.
  • in-house HUD-approved counseling.
  • Funding comes from Local government and partner investment (Montgomery County and the Town of Blacksburg); developed with Community Housing Partners and Habitat for Humanity.

Do you have to pay it back?

New River Home Trust (Community Land Trust) is a shared-appreciation loan and is repaid under the terms set by New River Home Trust (a program of Community Housing Partners).

  • Repayment is triggered by Sale or transfer (restricted resale formula under the ground lease).
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

New River Home Trust (Community Land Trust) is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: No specific minimum published; a $35 soft credit check is performed; staff help buyers become mortgage-ready.
  • A completed homebuyer education course, through HUD-approved housing counseling required; Community Housing Partners is a HUD-approved counseling agency and NRHT provides counseling in-house.
  • Residency: Serves Montgomery County, VA; those who live or work in the New River Valley encouraged to apply.
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Permanent affordability via CLT ground lease; one-time income qualification at purchase (80/100/120% AMI tier by property); must occupy as primary residence; HUD-approved counseling/education required; finance through an NRHT Approved Lender. Distinct from CHP's statewide DHCD DPA and from Maggie Walker CLT (Richmond). Unconfirmed/null: fixed dollar DPA amount (delivered as embedded land-cost subsidy), min credit score, max DTI, max purchase price, lien position, annual funding cap.

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

New River Home Trust (Community Land Trust) limits household income to 120% of the area median income, which varies by county and household size.

  • Income qualified once at purchase using HUD AMI for Montgomery County, updated annually; three tiers (80/100/120% AMI). 2026 Montgomery County max household income — 80% AMI 4p $95,700; 100% AMI 4p $119,600; 120% AMI 4p $143,500 (1-8 person tables published). Income may rise after purchase without penalty.
  • 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.

What kind of home can it be used for?

New River Home Trust (Community Land Trust) caps the purchase price as follows: No fixed maximum; prices set below market via the CLT land-cost subsidy (first NRHT home closed roughly $100,000 below market value).

  • Eligible property types include Single Family.
  • New construction is eligible.

Where does it apply?

New River Home Trust (Community Land Trust) serves buyers purchasing in Blacksburg, Virginia.

  • The program targets specific areas: Place-based in Montgomery County, VA (Blacksburg, including a neighborhood near Virginia Tech; Stroubles Ridge).
  • Targeted neighborhoods: Montgomery County, VA, including Blacksburg (Stroubles Ridge).

How do you apply?

Applications for New River Home Trust (Community Land Trust) go through New River Home Trust (a program of Community Housing Partners), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved housing counseling required; Community Housing Partners is a HUD-approved counseling agency and NRHT provides counseling in-house..

  2. Contact New River Home Trust (a program of Community Housing Partners) to reserve funds

    Funds are reserved through Application-based; eligibility determination ~48 hours; eligible buyers receive an Eligibility Letter and are matched to available CLT homes., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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