Document Type
Professional Plan Capstone
Original Publication Date
2024
Client
Maggie Walker Community Land Trust
Location
Richmond, VA
Date of Submission
May 2024
Abstract
Executive Summary
Vision: High-quality, affordable ADUs address the housing crisis and foster racial and economic justice for residents of the Richmond region
Key Research Findings
Of MWCLT’s 95 properties, 80 are suitable for the addition of ADUs and another 6 may be suitable, subject to property-specific analysis and permissions.
Richmond now allows ADUs by right in all residential districts, so ADUs could be developed as infill projects or as part of subdivisions in the City.
In Chesterfield and Henrico, developing ADUs as affordable rentals will be most feasible as part of subdivision, rather than infill, development.
Estimated rents for a 500 sq. ft. ADU are affordable for low-income (80% AMI) to very-low-income (50% AMI) households of two.
Estimated sales prices for MWCLT homes with ADUs are affordable for low-income (80% AMI) households of four.
MWCLT and non-MWCLT homeowners are enthusiastic about participating in an ADU program that contributes to the region’s affordable housing stock.
MWCLT homeowners envision an affordable ADU program that redistributes wealth-building opportunities to people of color and people with low incomes.
Non-MWCLT homeowners are motivated by the goal of bringing more affordable housing to high-wealth neighborhoods.
Recommendations
A full description of goals, objectives, actions, and an implementation schedule is included in the body of the report; for brevity, the high-level recommendations are summarized here.
* A Demonstration Project: First, this project suggests the development of an ADU as an initial proof of concept project on MWCLT land in Richmond. Funding from the Virginia Housing Innovation Demonstration Program would allow MWCLT to showcase the benefits of this emerging (but heretofore under-explored) technology for affordable housing, laying the foundation for future investment in ADUs.
* Scaling Up for Affordability and Wealth-Building: Next, MWCLT should scale up the program with a commitment to two primary goals: providing renters in the Richmond region with quality affordable housing, and redistributing wealth-building opportunities to Black and Brown homeowners and homeowners who have low to moderate incomes.
The following recommendations for program design support these dual purposes:
Utilize a tiered approach to attract two homeowner populations: higher-income households in high-opportunity neighborhoods, and lower-income homeowners, especially MWCLT homeowners (present and future).
For higher-income homeowners in high-opportunity neighborhoods, offer grants to develop ADUs on these properties, and require these ADUs to be rented at affordable rates to income-qualifying residents.
For low to moderate-income homeowners, especially MWCLT homeowners, offer grants to add ADUs to existing MWCLT land, and support first-time homeowners who wish to purchase a MWCLT home with an ADU.
For MWCLT homeowners, allow flexibility to either rent the ADU at affordable rates or house an income-qualifying family member or friend rent-free.
Establish a flexible approach to property management where the land trust can take on property management responsibilities or the homeowner can maintain those responsibilities, with rental income split in accordance with responsibility.
Rights
© AdelaideAlexander
Is Part Of
Master of Urban and Regional Planning Capstone Projects