RRHA has a successful record of providing homeownership opportunities for residents of Richmond. Over the past 30 years, RRHA has collaborated with the City of Richmond, neighborhood residents, various non-profits, the Virginia Housing Development Authority (VHDA), HUD, and private investors to build more than 500 new housing units and rehabilitate more than 1,000 deteriorated structures throughout the City of Richmond. Three of RRHA’s more notable programs were the Urban Homestead Homeownership program, the 5(h) Homeownership Program and the HOPE VI Homeownership Program. A more recent program is the Greenwalk Homeownership Program.
The Urban Homestead Homeownership program provided homeownership opportunities for more than 300 families, from the mid 1980’s through 2002. For this program, RRHA acquired vacant homes, created loan and grant packages for low- to moderate-income purchasers, and managed rehabilitation. The program used a mixture of federal and private funds to finance the projects.
The Section 5(h) Homeownership Program was a lease-purchase program in which the homes were a part of RRHA’s public housing inventory until sold. This program made homeownership available to RRHA residents and other low-income families.
Since the HOPE VI Program grant was awarded to Richmond Redevelopment & Housing Authority (RRHA) in 1997, RRHA completed the construction of 116 high quality single- family homes for first time homebuyers in the Blackwell, Swansboro and Fulton communities.
The single-family homes were primarily targeted to families making between 50 and 80% of Area Median Income (AMI), however a few were purchased by buyers making between 80% and 115% of AMI. All homes were developed using local development partners. Homes were made affordable by proving a combination of down payment assistance and forgivable second mortgages to buyers, and by providing construction subsidy to builders.
In addition to the houses constructed in the HOPE VI project areas, down payment assistance was provided to 46 homebuyers who purchased homes anywhere within the City of Richmond. This program served first-time low and moderate income home buyers.
The construction of 20 Greenwalk Homes were completed in 2008 and 2009; and initially occupied with potential purchasers, first having the opportunity to lease the home.
Although once occupied, plans are in place to renovate the now vacant Greenwalk Homes located in the Blackwell and Randolph communities. The homes will be sold to qualified first time homebuyers with incomes that are 80% or below the Richmond Area Median Income (AMI). Other restrictions will apply.