Take a Homebuyer Education Class this June!

Taking a first-time homebuyer class doesn’t just give you textbook knowledge. It can help you qualify for more affordable loan programs as well. And, June is national homeownership month so what a good time to learn.

Loan programs that require homebuyer education are generally geared toward first-time homebuyers. These programs are designed to help first-time buyers overcome obstacles like lack of savings, poor credit scores, low income and money management.

One of our local partners, Piedmont Housing Alliance, offers homebuyer education classes. Their approach to homebuying is very holistic, offering free courses in financial education to become more mortgage-ready as well as homebuyer education courses once you are ready. They also have great general resources on homebuying on their website, including a 21 Step Homebuying Guide. You can also sign up to work one-on-one with a housing counselor who can guide you through the steps to home ownership. Sign up for the next free class offered virtually on 6/29 from 6-7PM to learn about down payment assistance programs that are offered. Then, there are also a few upcoming classes on strategies to boost your credit score: the first one on 6/23 and the next on 6/30 from 5:30 - 7PM.

Other resources offered are free virtual classes through Virginia Housing on homebuyer education as well.

To learn more about Renaissance Ridge, have a look at our older blog posts. Stay tuned for more information soon on home types and pricing and in the meantime, feel free to fill out our homebuyer interest form. There plans to be a future informational webinar sometime in the fall.

Community Concept of Renaissance Ridge Moving Forward

As we work with our builder/development partner, we are excited to provide an informative update about the housing concepts for Renaissance Ridge. Below is the latest community concept for Renaissance Ridge which shows a variety of housing types and substantial improvements of green space and walking paths.

We have made great strides in the recent months regarding our vision and principle-centered approach in planning this new part of the Stoney Creek Village neighborhood.

We will achieve three particular objectives at Renaissance Ridge:

One - A variety of housing types and sizes to give buyers the options that reflect their particular needs, expectations and price ranges for retirees, families, and individuals. There will be 136 total units in all phases with at least 80% incorporating single-floor living and 20-25% designed to support our local workforce. We will be updating our website in the coming weeks with unit elevations and specifications from our exclusive well-seasoned "Green" home builder with hopes of breaking ground Summer/Fall 2022:

Two - Open green space that will include a "pedestrian-friendly" network of trails and social spaces to recreate, exercise and congregate for special occasions with the potential for a new community park amenity. There is only one vehicular access point off Rt. 151 to ensure no additional traffic through the main entrance of Stoney Creek Village.

Three - Enhance and protect the Rockfish Valley ecosystem in harmony with sustainable living by building 100% of the units with state-of-the-art energy efficiency along with stormwater bio-filtration technologies beyond what is required by current state building codes.

Detailed below are some of the specific housing concepts being considered for Renaissance Ridge:

The Willow - (Teal, in the upper center of the map) Single Floor Living – Universal Design. No step entry.

The Birch - (Green, in the lower center of the map) For buyers who do not want a home as large as the Willow – Single Floor Living – Universal Design. No step entry.

The Bayberry Villas - (Gray, on the top of the map)
Single Floor living with a loft, Universal design on the first floor. No step entry.

Poplar Townhomes - (Red, left and lower part of the map)Typically attractive for market-entry buyers. They feature covered rooftop terraces which are really popular.

The Chestnut (also in consideration)
A popular design in the Charlottesville area, also with no step entry potentially but we would refine this for the different cottage types which are not yet final.

The “Cottage” style homes on the right and upper right are still being designed.

While many of the permits required for this project have yet to be approved, the Virginia Department of Transportation has provided the requirements and recommendations based on the entrance design that was recently submitted. (See the VDOT letter HERE). These requirements and recommendations are based on a new traffic study conducted along Route 151.

Our initial construction, Phase 1, is expected to include approximately 94 units. Phase 2, if completed, would include a maximum of 42 additional units. Going above the 136 total units will require extensive changes to the entrance and exit along with modifications to Route 151.

At this point in the development stage there are no plans to increase the density of what was submitted to VDOT for approval limiting the total development of Renaissance Ridge to 136 units.

We look forward to sharing more information soon and announcing the date of our informational webinar late May/early June. If interested in becoming a homebuyer at Renaissance Ridge, please fill out our Homebuyer Interest Form.

A Growing Need for Senior-Friendly and Cost-Conscious Housing for an Older Demographic

With the growth of our aging population, the need for accessible, supportive and affordable housing suitable for older adults is increasing. It is clear that housing inequality becomes even more evident for the 65-and-over age group. According to a 2019 report by the Joint Center for Housing Studies of Harvard University (JCHS), between 2012 and 2017, the number of households headed by someone 65 or older jumped from 27 million to 31 million and will continue to grow. This presents challenges in many communities across the US, including ours. 

A new program launched by JCHS called Housing an Aging Society (HAS) Program aims to deepen the understanding of the implications of aging populations. Their five main priorities are ones we hope to emulate while developing Renaissance Ridge – a unique and special intergenerational housing community made up of custom cottages and homes. 

First and foremost, this will be a sustainable community. Not only do we hope to create a “green” development strategy to receive Virginia’s first “Virginia Sustainable Community” designation, we also are going to develop an energy-efficient housing community where more people who qualify can afford to buy and stay in a home without spending more than 30% of their income for housing. Roughly a quarter of all households with someone 65 or older heading the household before the pandemic were paying more than the recommended 30% for shelter. And this is bound to increase after these last few years. 

Secondly, another goal important to seniors will be to make our homes accessible from a mobility standpoint. Allowing for handicap accessibility as well as universal design elements that will also support senior living. Some of the homes will also incorporate designs that promote alternative living arrangements such as shared housing, multigenerational households, and intentional communities to give seniors the options that come with aging in place. 

We also plan to develop ample green spaces and pet-friendly amenities to increase not only the quality of livability at Renaissance Ridge for all community members but also to provide safe spaces for people to walk and cohabitate away from the impacts of automobiles.  

Homes in Renaissance Ridge will also feature advanced digital technology that will support the delivery of healthcare, educational amenities, and connectivity with friends and family which are evidence-based ways to improve one’s physical and mental well-being.  

By bringing together the collective experience of many experts in this area and paying close attention to recent housing trends, we hope to create a community of quality homes for the diversity that comes with this growing aging population and families.

Working Together to Bridge the Gap of Workforce Housing in Nelson County

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.

Renaissance Ridge Partners with Nelson County Community Development Foundation to Bridge the Gap of Workforce Housing in Nelson County

Renaissance Ridge has created a partnership with the Nelson County Community Development Foundation (NCCDF) to create more workforce housing in Nelson County as a part of the new development which plans to incorporate high-quality design, sustainable construction and community connectivity. With growing concerns over the lack of inventory and different housing types, this partnership intends to help fill in the “missing middle” gap.

Founded in 1985, NCCDF has been fostering and promoting community development that primarily benefits low- and moderate-income citizens of Nelson County with housing, health, water and wastewater, recreation, education, and economic development.

Executive Director and long-time resident of Nelson County, Margaret Clair says, “This project, in partnership with Renaissance Ridge, represents the largest opportunity for the Foundation in about 10 years. NCCDF, under the leadership of George Krieger, has completed a number of housing developments that have benefitted first-time homeowners and working families of modest means in Nelson. The pressure of the market on middle-income families is higher than ever right now. We are excited and grateful to be a part of it.”

Renaissance Ridge will also be working with other community partners, non-profits, and businesses across the area to promote more workforce housing for its community members.

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.   

To learn more about the missing middle, sign up for an upcoming webinar this Thursday, January 20th, 12-1p.m., part of the Central Virginia Regional Housing Partnership’s 2021 Fall/Winter Speaker Series here.

Renaissance Ridge Plans for Green Spaces and Dog Park

Future site of dog park

Pet-friendly amenities and parks and green spaces are two of the most popular features of neighborhoods. Renaissance Ridge has begun the process to include a dog park, Allen Creek Preserve, near the new development area. 

Aside from creating a safe space for people to walk and play with their dogs away from cars, another benefit of having both green spaces and a dog park include bringing community members closer together, allowing you to meet more people and improve your social life. 

Here’s a sneak peek of the area. For more information about future homes in Renaissance Ridge, visit the website - more to come soon.

CAAR 2021 3rd Quarter Home Sales Report Underscores Need for More Housing Inventory in Nelson County

The third quarter home sales report by CAAR recently reported an overall limited housing inventory with 30% fewer listings than this time last year. In Nelson County, there were just 60 active listings in the county at the end of the third quarter, 44 fewer listings than last year at this time, which is an even larger 42% supply reduction. On top of the reduction in inventory, the median sales price shot up 54% compared to last year. In the third quarter, Nelson County had the highest increase in the median sales price in the region at $365,000, which was $128,000 higher than last year at this time. 

One of the top priorities reported by residents surveyed in the recently published Planning for Affordability document produced by the Thomas Jefferson Planning District Commission is that they want to be able to live where they work. This enables people to be able to become more active members of their community. Only 2 of every 10 workers in Nelson County actually live in Nelson County. Additionally, 6 of every 10 workers commute out of the county and 2 out of 10 workers commute into the county for employment. This phenomena contributes to increased traffic congestion, loss of revenue for local businesses, reduced tax revenue to the county and a higher use of fossil fuels and a net-negative in reducing our collective community’s carbon footprint.  

A local teacher who participated in our housing market study commented, “One of the reasons that I would like to live closer to work is that I can better get to know the community in which I work. Also, I would have more energy to perform extra-curricular activities for the school.”

The community concerns over the lack of inventory and mix of housing types to meet the current demand for housing, both in the rental and buyer markets, is clearly outlined in this recent report. 

With so much need for additional affordable housing in Nelson County, we look forward to offering a range of home options at Renaissance Ridge.

Regional Housing Plan Underlines the Growing Concern in Nelson County for More Workforce and Diverse Housing Types

A recent regional housing plan, presented by the Thomas Jefferson Planning District Commission (TJDPC), aims to address unmet housing needs and preserve housing affordability. There is no question that all localities represented by the TJDPC are facing affordability challenges, and Nelson County is no exception. 

As quoted from the plan in a recent Nelson County Times article, “The characteristics that make Nelson so special attract new residents, and community members expressed concerns over the lack of inventory, both in the buyer and rental markets, to meet the current demand for housing.” Christine Jacobs, executive director of the TJDPC said that “Nelson County residents provided some of the most diverse feedback TJDPC officials heard, as Nelson has many seniors and with that comes a need for residents who want to ‘age in place’ and not leave their homes.” Without a diverse inventory of housing types and prices, there is not enough workforce housing to support the needs that come with the ageing-in-place needs of seniors and first responders.

Housing affordability and commute times are also concerns for the many businesses in Nelson County. The below infographic, provided in the Regional Housing Study and Needs Assessment, shows the in and outflow of jobs in Nelson County. 

Transportation costs for commuters add significantly to the cost of living. Employers have more difficulty recruiting and retaining employees due to the burden of high cost housing and that means more people are working in Nelson but not able to live close to where they work. 

Another graphic below outlines the affordability gap specific to Nelson County. The need for more of the “missing middle housing” is abundantly clear now and for the near future.

An opportunity to explore more about these challenges will take place on November 16, from 12-1PM when the Central Virginia Regional Housing Partnership’s 2021 Fall/Winter speaker series continues. A discussion with rural housing policy experts and members of regional rural local government, to include Jesse Rutherford, Vice Chairman of the Nelson County Board of Supervisors, will focus on the primary challenges to the construction and rehabilitation of housing in rural areas. Register online for this upcoming session.

Renaissance Ridge Hopes to Help Bridge the Gap of Workforce Housing in Nelson County

Nelson County boasts farms and orchards, outdoor recreation, mountain views, historic sites, artisan traditions, and award-winning wineries and breweries. And everyone who comes here, loves it here. Why wouldn’t they? But, as evidenced by data recently released by CAAR in their Home Sales Report, there is a gap in housing availability for residents who wish to live and work in this community they call home. This housing gap has been termed by many as the Missing Middle. And it is an essential part of the housing equation.

Missing Middle Housing, a term coined by Daniel Parolek of Opticos Design, refers to the size and type of home that falls between a single-family detached home and a mid-rise apartment. They are housing types that we know well: townhomes, small courtyard apartments and more. They are modest housing types that offer additional options for people who are essential to making our economy and community strong, like teachers and other public employees, nurses, fire fighters and wait staff. It also means empty-nesters and retirees can downsize and stay in their neighborhood—and their adult children can find a place to live where they grew up. Because of the rich community resources Nelson County provides, many people choose to live here and the rising housing costs are making it more and more difficult for those same people to live in the same community in which they work.

Missing Middle Housing can also help protect our trees, update infrastructure like sidewalks, bike lanes, and stormwater management, and even create new green spaces. Renaissance Ridge plans to follow a similar development path while still creating a nice aesthetic for everyone to enjoy.  

If this type of housing interests you, please stay tuned as we continue with the development of Renaissance Ridge and use this blog as a way to update you. Feel free to also share our information with any friends or family that could be interested as well.

Resources for Potential Homebuyers in Nelson County

There is no question that buying a home can be a daunting process. Sometimes it’s also just hard to navigate where to begin, especially in challenging economic times. So, why not take advantage of the many resources in the area that can help.

One local resource we recommend is Piedmont Housing Alliance. Their approach to homebuying is very holistic, offering free courses in financial education to become more mortgage-ready as well as homebuyer education courses once you are ready. They also have great general resources on homebuying on their website, including a 21 Step Homebuying Guide. You can also sign up to work one-on-one with a housing counselor who can guide you through the steps to home ownership. Have a look at some of Piedmont Housing Alliance’s upcoming offerings here.

Another resource is Virginia Housing’s free homebuyer education classes, offered on a quarterly basis, both in-person and online. Virginia Housing, formally the Virginia Housing Development Authority, has been helping Virginians attain quality, affordable housing since 1972. 

Renaissance Ridge encourages aspiring homebuyers to connect with Piedmont Housing Alliance, and is excited to be offering future workforce housing options in Nelson County.