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The Maggie Walker Community Land Trust (MWCLT) is a 501(c)(3) nonprofit organization that seeks to develop and maintain permanently affordable homeownership opportunities for low and moderate-income households. The organization was formed in 2016 and is governed by a volunteer Board of Directors.
Using the Community Land Trust (CLT) model, the MWCLT creates homes that are sold to qualified buyers while retaining ownership of the land beneath the houses. These homes receive permanent subsidy that stays in the home and allows the home to be sold below market value. As an affordable alternative to renting, the CLT model allows families to build wealth through their monthly mortgage payments. In exchange for buying the house at a lower price, a CLT homeowner agrees to pass on the gift, and sell the home at a price that is affordable to someone in a similar financial situation. The new resale price is determined by the increase in the Richmond region’s Area Median Income (AMI).
The Maggie Walker CLT is committed to providing perpetually affordable homes to families with modest incomes throughout Richmond’s neighborhoods. In this way, we can keep our neighborhoods diverse and vibrant, even as housing prices rise. Without a program like the MWCLT, some neighborhoods in Richmond will be unaffordable to many of our citizens in the next decade.
Company Details
- Employees
- 8
- Founded
- -
- Address
- Richmond, Virginia
- Industry
- Housing And Community Development
- Website
- https://maggiewalkerclt.org
- Keywords
- Richmond.
- HQ
- Richmond, Virginia
Maggie Walker Community Land Trust Questions
Maggie Walker Community Land Trust's website is https://maggiewalkerclt.org
Maggie Walker Community Land Trust's LinkedIn profile is https://www.linkedin.com/company/maggiewalkerclt
Maggie Walker Community Land Trust has
8 employees.
View email and phone details for 8
employees at Maggie Walker Community Land Trust.
Maggie Walker Community Land Trust's industry is
Housing and Community Development
Maggie Walker Community Land Trust's top competitors are
Redeemer Episcopal Day School,
Hdadvisors,
J&g Workforce Development Services, Llc,
Virginia Department Of Housing And Community Development,
By Black Richmond,
Morena Strategies,
The Maggie@walker Community Land Trust,
Project:homes,
Daniels Preparatory School,
The Human Connection.
Maggie Walker Community Land Trust's categories are Housing and Community Development
Maggie Walker Community Land Trust's founding year is 2016
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