There is a gap in the housing availability for residents who wish to live and work in this community they call home in Nelson County. This housing gap has been termed by many as the Missing Middle.
As the development team began working on Renaissance Ridge, a key housing marketing study was performed to help identify some of the greatest housing challenges for Nelson County. During this survey, a long-serving member of the Nelson workforce commented, “I would like to live and support the community that I have worked for over the past 14 years. In addition to my love of the people in the community, I also would have a strong desire to live and thrive in the luscious scenery that is Nelson.” With just 2 out of every 10 people living in Nelson County who work in Nelson County, this clearly is a problem. Factors such as current inflation, the lasting effects of COVID-19, long-standing issues of racial inequity, coupled with high rents and home prices all have a large impact on how this can community can grow or not. Housing is foundational for households, communities, and economies.
These people are young professionals, workers in construction trades, firefighters, police officers, teachers and other public employees who are integral to a community, yet who often cannot afford to live in the communities they serve. Workforce housing is most commonly intended for households with incomes between 60 and 120% of AMI. This project has received financing through the state via Affordable and Special Needs Housing (ASNH) loans, which combine state and federal resources. 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 work on 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:
Income Limits pulled from the Department of Housing and Urban Development (HUD)’s website
Renaissance Ridge plans to help fill in the gap for the missing middle and provide options for single-family attached and detached homes, townhomes and cottages to those that want to live in Nelson County.
As evidenced by data recently released by CAAR in their Home Sales Report, finding workforce housing in Nelson County continues to prove difficult. The third quarter median sales price in Nelson County was $400,000, up 10% from the previous year, a $35,000 price increase. Prices are now $185,500 more than they were at this same time four years ago.
To learn more, register for a webinar on November 17 at 12 p.m. hosted by the Charlottesville Area Alliance concerning missing middle and ADU housing in the context of age-friendly communities.
