Henrico County’s Affordable Housing Trust Fund is set to launch with 30 townhomes becoming available for first-time homebuyers who meet income and eligibility requirements. The initial offerings include 25 units in the Parkside Townes community in Sandston and five units in Discovery Ridge in Western Henrico, officials announced this week. 

County officials, representatives from the development companies and other stakeholders unveiled the initiative at Parkside Townes, a 123-unit townhouse community under development by HHHunt on Whiteside Road. Discovery Ridge, located at Gayton Road and Lauderdale Drive and developed by Mungo Homes, will also participate in the program.

“Between Parkside Townes and Discovery Ridge, we’ll soon have 30 new townhomes that will be affordable and available to qualifying first-time homebuyers, like hard-working nurses and others in health care, restaurant staff, and office employees,” said Tyrone E. Nelson, chair of Henrico’s Board of Supervisors. “Just a few months ago, Henrico County’s Affordable Housing Trust Fund was an idea. Now, it’s a reality that’s helping us build a stronger, more vibrant community for everyone.”

The Board of Supervisors established the trust fund with $60 million in initial funding sourced from un-budgeted revenues generated by data centers, one of Henrico’s fastest-growing industries. The Partnership for Housing Afford- ability (PHA), which administers the program, developed eligibility guidelines with Henrico’s Department of Community Revitalization and began accepting applications in September. A review committee recently granted conditional approval for Parkside Townes and Discovery Ridge.

“HHHunt is excited to partner with Henrico County and the Maggie Walker Community Land Trust for funding from the Affordable Housing Trust Fund, which will provide 25 homes in our newest community, Parkside Townes,” said Jonathan Ridout, vice president of real estate development at HHHunt. “Parkside Townes was designed with the goal of affordability.”

“We, at Mungo Homes, are very excited to participate in this program,” said Tim Parent, market president for Mungo Homes. “Opening the doors for additional first-time homebuyers in the Henrico housing market and providing quality dwellings buyers can call home is so very important to us.”

The Affordable Housing Trust Fund aims to bridge the gap between home prices and what working adults can afford, as home prices and interest rates have surged in recent years. According to county data, the household income required to afford a home in Virginia has risen by 76% over the past four years, with Henrico’s median home price reaching $355,000 in 2023—a price affordable to fewer than one-third of county households.

To participate in the program, builders and developers must meet specific requirements, including reimbursement for eligible costs associated with construction, utility hookup fee waivers and an expedited review of plans.

Applications are reviewed by PHA, which then sets maximum sales prices and buyer income limits. Eligible participants must have household incomes between 60% and 120% of the area median income, as defined by the U.S. Department of Housing and Urban Development.

All qualifying homes must be owner-occupied with deed restrictions for at least 10 years. If sold during this period, new buyers must meet the same requirements as the original purchaser. Some units, such as those in Parkside Townes, may retain affordability in perpetuity.

Henrico officials expect the program will support the construction and sale of 100 to 150 homes annually as awareness grows. For more information, visit pharva.com/henrico-trust-fund.