City to Sell Land Below Market Value for Affordable Townhome Project
Scott P. Rogers
The City of Harrisonburg is attempting to take another step toward increasing the supply of affordable housing in our community.
At the December 9 City Council meeting, City Council approved (contingent on rezoning) a proposal to sell a 1.15-acre parcel of City-owned land to Central Valley Habitat for Humanity for just $10,000 -- despite the property being assessed at $308,000.
Why the significant discount? This land sale will support Habitat's plans to develop at least ten for-sale townhomes on the site, with a minimum of 80 percent of the homes reserved for low-to-moderate income buyers.
This type of partnership between local government and nonprofit housing developers is one way the City of Harrisonburg can potentially create more opportunities for homeownership -- especially for residents who might otherwise be priced out of the current market.
The land in question is located on Reservoir Street near the intersection of Stonewall Drive.
While the proposal involves selling public land for significantly below its assessed value, the City is framing this as an investment in long-term housing stability and affordability. If the project moves forward, these townhomes would provide stable housing options for individuals and families who live and work in Harrisonburg -- but who might otherwise struggle to find housing they can afford to buy.
At the December 9 City Council meeting, City Council approved (contingent on rezoning) a proposal to sell a 1.15-acre parcel of City-owned land to Central Valley Habitat for Humanity for just $10,000 -- despite the property being assessed at $308,000.
Why the significant discount? This land sale will support Habitat's plans to develop at least ten for-sale townhomes on the site, with a minimum of 80 percent of the homes reserved for low-to-moderate income buyers.
This type of partnership between local government and nonprofit housing developers is one way the City of Harrisonburg can potentially create more opportunities for homeownership -- especially for residents who might otherwise be priced out of the current market.
The land in question is located on Reservoir Street near the intersection of Stonewall Drive.
While the proposal involves selling public land for significantly below its assessed value, the City is framing this as an investment in long-term housing stability and affordability. If the project moves forward, these townhomes would provide stable housing options for individuals and families who live and work in Harrisonburg -- but who might otherwise struggle to find housing they can afford to buy.
Click here to read more about this proposal for selling the land on Reservoir Street to Habitat for Humanity.
This proposal is in addition to a recent proposal for the City to give a 7.825 acre parcel to a developer at no cost to support the development of 200 to 220 units of affordable, income-and-rent-restricted rental housing.
This proposal is in addition to a recent proposal for the City to give a 7.825 acre parcel to a developer at no cost to support the development of 200 to 220 units of affordable, income-and-rent-restricted rental housing.
