Henrico County, VA - Affordable Housing Trust Fund

For many families in Central Virginia, the dream of owning a home has become harder to reach. Rising prices and limited supply have left many households on the sidelines. Recognizing the need, Henrico County launched its Affordable Housing Trust Fund (AHTF) in 2024—a $60 million program aimed at helping first-time buyers and middle-income families put down roots right here in our community.

At CapCenter, we know how important affordability is. For over 27 years, we’ve helped Virginia families buy homes with ZERO Closing Cost mortgages—saving our clients thousands at the closing table. Henrico’s Trust Fund works toward the same goal: lowering barriers so more families can step into homeownership.

What Is the Affordable Housing Trust Fund?

The AHTF is Henrico’s way of tackling affordability head-on. It helps reduce the price of new homes for qualifying buyers by providing incentives to developers. Builders who participate can receive reimbursements, waived fees, and faster plan reviews if they agree to sell a portion of their homes below market price.

The program is open to families earning roughly 60–120% of the area’s median income, which includes many of the teachers, nurses, first responders, and working professionals who make Henrico thrive. These are the same families CapCenter serves every day—households that may qualify for local assistance through the AHTF while also saving thousands with CapCenter’s Zero Closing Cost mortgages.

The First Homes Approved

Within months of its launch, Henrico approved two communities to participate:

• Parkside Townes: 25 townhomes developed by HHHunt.
• Discovery Ridge: 5 townhomes developed by Mungo Homes.

By spring of 2025, the very first homes in Discovery Ridge were sold to qualifying first-time buyers. What makes these sales remarkable is the pricing: homes that would normally sell for nearly $450,000 were made available for closer to $320,000–$340,000. That’s the difference between being priced out of the market and having the keys to your own home.

CapCenter clients in Henrico now have a unique opportunity: pair county-backed affordability with our ZERO Closing Cost mortgage and keep even more money in your pocket for moving expenses, furniture, and family needs.

Momentum Is Building

Today, more than 70 homes are under construction in Henrico with Trust Fund support. County leaders have set an ambitious goal of adding 100–150 affordable units per year. This momentum is creating new opportunities for families to buy in neighborhoods that were previously out of reach.

It’s not just about numbers on a spreadsheet—it’s about stability, community, and future growth. As longtime Richmond locals, CapCenter has seen how programs like this can shape entire neighborhoods. When families can afford to buy, they invest in their homes, their schools, and their communities.

How This Ties Into Your Homebuying Journey

If you’re looking to purchase in Henrico County, the Affordable Housing Trust Fund could help bring homeownership within reach. But the home price is only half the equation. Closing costs often add thousands of dollars in surprise expenses, forcing buyers to drain savings before they even move in.

That’s where CapCenter comes in. Our ZERO Closing Cost mortgages eliminate those fees, allowing you to maximize the benefit of Henrico’s affordability program. You don’t have to choose between county incentives and lender savings—you can have both.

Pairing the Trust Fund’s price reductions with CapCenter’s closing cost savings is one of the most powerful ways for Henrico families to enter the market on solid financial footing.

Looking Ahead

Henrico’s Affordable Housing Trust Fund is still in its early stages, but it’s already proving successful. Homes are being built, sold, and lived in. The County has signaled its long-term commitment, and developers are lining up to participate.

At CapCenter, we believe this is just the beginning. With more homes on the horizon and more families set to qualify, the combination of local initiatives like the AHTF and CapCenter’s Zero Closing Cost model could reshape what’s possible for buyers in Henrico.

In Summary

• Henrico County launched a $60 million Affordable Housing Trust Fund in 2024.
• The program has already delivered its first homes, priced well below market rates.
• Dozens more units are under construction with a goal of 100–150 per year.
• Families who qualify for these homes can stack the savings with CapCenter’s ZERO Closing Cost mortgages.

If you’ve been waiting for the right time to buy in Henrico, that time may be now. Programs like the AHTF don’t just make homes more affordable—they open doors. And with CapCenter’s unique approach, you can walk through those doors without the heavy weight of closing costs holding you back.

‍

‍