By way of an innovative partnership between Renaissance Ridge and the Nelson County Community Development Foundation (NCCDF), Renaissance Ridge plans to develop at least 80 homes in its Phase 1 of development, of which approximately 20 will be designed and priced to be affordable for Nelson County’s workforce.
Workforce housing targets middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, recreation and hospitality, retail clerks, and the like. Only 2 of every 10 workers in Nelson County actually live in Nelson County, and the goal is to create housing opportunities for those that work in Nelson so they may live and work in the same community. 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.
If you have any interest in owning a home or if you’ve been looking into real-estate, you’ve probably seen ‘AMI’ referred to often. AMI, which stands for Area Median Income, is calculated and released every year by the U.S. Department of Housing and Development (HUD). AMI is calculated on an annual basis for each metropolitan area and non-metropolitan county, making adjustments for household size and other factors. Different housing programs use different percentages of AMI, such as 30 percent of AMI or 80 percent of AMI, as maximum income limits for eligibility.
For 2021, look at the list below. 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 learn more about NCCDF and Renaissance Ridge, see their project page on their website and here to sign up for updates regarding this project. Stay tuned for more information soon on home types and pricing and if you’re interested in homebuyer education, counseling or special financing, fill out our homebuyer interest form.
