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Maggie Walker Community Land Trust outlines pipeline of affordable homeownership, seeks city coordination
Summary
The Maggie Walker Community Land Trust told council members it has built roughly 120 homes in the region and expects to develop about 200 more in the next two years, describing its 99-year ground-lease model and partnerships with the Richmond Land Bank and local funders.
The Land Use, Housing and Transportation committee heard a presentation from Dylan Wheeler, director of real estate and operations for the Maggie Walker Community Land Trust, about the organization's affordable homeownership model and development pipeline.
Wheeler described the CLT structure in which the homeowner owns the house while the land remains under a 99-year ground lease; homeowners pay a nominal…
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