With the disappearance of affordable starter homes from homeownership markets and the continued racial disparities and discrimination in wealth opportunities, lending, and other parts of the homeownership system, the Maggie Walker Community Land Trust (MWCLT) is committed to ensuring that the metropolitan Richmond communities are diverse and inclusive, with safe, attractive, affordable, and sustainable housing choices to foster racially equitable communities.
With the disappearance of affordable starter homes from homeownership markets and the continued racial disparities and discrimination in wealth opportunities, lending, and other parts of the homeownership system, the Maggie Walker Community Land Trust (MWCLT) is committed to ensuring that the metropolitan Richmond communities are diverse and inclusive, with safe, attractive, affordable, and sustainable housing choices to foster racially equitable communities.
For homeowner applicants, the average income is about $45,000, across all racial demographics who apply to its program, yet homeowners of color qualify for $20k less on average for a home loan. In 2022, 90% of MWCLT’s homebuyers were buyers of color, so to give them equal access to homeownership opportunities, sales prices must be low and in a range in which they can afford. Thanks to funding from the William R. Kenan, Jr. Charitable Trust, the MWCLT average home sales price this year were $169,000, 45% lower than the average on the market.
The William R. Kenan, Jr. Charitable Trust’s support also allowed MWCLT to hire a full-time construction manager to oversee its growing pipeline of projects, which will result in 250 units under ownership within 5 years. This builds MWCLT’s reputation, its expertise as a real estate developer, and its ability to attract partnerships with private developers and additional capital.
For homeowner applicants, the average income is about $45,000, across all racial demographics who apply to its program, yet homeowners of color qualify for $20k less on average for a home loan. In 2022, 90% of MWCLT’s homebuyers were buyers of color, so to give them equal access to homeownership opportunities, sales prices must be low and in a range in which they can afford. Thanks to funding from the William R. Kenan, Jr. Charitable Trust, the MWCLT average home sales price this year were $169,000, 45% lower than the average on the market.
The William R. Kenan, Jr. Charitable Trust’s support also allowed MWCLT to hire a full-time construction manager to oversee its growing pipeline of projects, which will result in 250 units under ownership within 5 years. This builds MWCLT’s reputation, its expertise as a real estate developer, and its ability to attract partnerships with private developers and additional capital.