The partners of Renaissance Ridge are busy behind the scenes working on obtaining the final permitting that will allow the developers to move forward with breaking ground as planned for this winter/spring.
All the while, the housing market is still going through a volatile phase as mortgage rates have climbed higher than they have been in nearly two decades recently. The average rate for a 30-year fixed mortgage in the United States as of the writing of this post is 7.57%, up even higher from the last few months. This is adding strain on today’s would-be homebuyers who are also confronting elevated home prices due to a lack of inventory of homes for sale. The rate volatility will likely remain a factor in the coming months, though many expect rates will trend downward over time.
To offset the higher interest rates, builders and developers have been designing somewhat smaller houses in an effort to keep prices in check. As mentioned in a recent NPR article, the average size of a new house has fallen from about 2,350 square feet at the end of 2021 to about 2,200 square feet today. This is creating a serious paradigm shift where “small is the new big”. Based on this approach, some of the new home products Renaissance Ridge is committed to offering will be made up of variable-sized units to broaden the spectrum of homebuyers that will live, play and thrive at Renaissance Ridge.
Together with funding from private sources, Renaissance Ridge is still committed to making approximately one-third of the homes eligible for people who live or work in Nelson County and embracing the spirit of fair housing laws and equal opportunity principles.
Households whose income is at or below 80% AMI will be eligible for special financing assistance. With cost burdens at an all-time high, it is more important than ever to promote workforce housing solutions. If you make less than the amount listed for your household size, then you may qualify for financing assistance to buy a home at Renaissance Ridge:
To find out more, we encourage you to visit one our partners, Piedmont Housing Alliance, who offers a variety of free classes on homebuying and down payment assistance. These classes are offered all throughout the year, however, their next virtual classes will be on October 17th and November 8th. In these classes, you will learn about affordable home financing and support, such as the down payment loan program, SPARC program, and pre-purchase counseling. Participants are encouraged to ask questions about these different programs to find out how they can work for them. For a complete list of upcoming classes and to register for them see here.
You can also sign up to work one-on-one with a housing counselor who can guide you through the steps and make recommendations before you start looking for your future home. To start that process, please fill out their in-take form here.
