The New River Home Trust (NRHT) is a Community Land Trust that supports the families of Montgomery County, Virginia, through the development and stewardship of permanent affordable housing for low-to-moderate income households. Created in 2023 in partnership with Montgomery County and the Town of Blacksburg, NRHT operates as a program under Community Housing Partners whose mission is to create communities and homes that are healthy, sustainable, and affordable.
What is a Community Land Trust, and how does it work?
A Community Land Trust (CLT) is a nonprofit organization that seeks to increase access to affordable housing through its stewardship of community assets and shared equity homeownership opportunities.
How does a CLT work:
A family or individual purchases a house that sits on land owned by the CLT
By removing the cost of the land from the purchase price, the home is made more affordable to low-and-moderate income buyers
The homeowner enters a long-term lease (99-years, renewable) with the CLT, giving the homeowner exclusive rights to the land use during the lease period
In exchange for purchasing the home at a reduced price, the homeowner agrees to sell the home to another low-or-moderate income buyer in the future
The seller of a CLT home keeps a predetermined amount of the increased value of the home, however the restricted sale price keeps it affordable in perpetuity for future generations
How do I buy a New River Home Trust property?
NRHT homeowners must meet the program income qualification standards and qualify for a first mortgage of the home’s purchase price through a NRHT approved lender.
Steps to owning your NRHT home:
Submit an application and income documents
Attend a CHP homebuyer education class
Meet with a CHP HUD-approved housing counselor
Get pre-qualified for a NRHT-approved lender first mortgage
Get notified of available homes
Submit a purchase contract to NRHT
Review ground lease with attorney
Sign closing documents
Move in to your new NRHT home!
Income Qualification Limits
NRHT has three qualification tiers, with certain properties serving specific tiers. NRHT uses Area Median Income (AMI) limits as published annually by the United States Department of Housing and Urban Development (HUD).
NRHT calculates household qualification income in compliance with HUD guidelines, which may vary from how our approved lenders calculate repayment income.
Available PropertiesSee a listing of properties for sale in the New River Home Trust.
A HUD-approved housing counseling agency in Virginia's New River Valley, CHP Homeownership ensures a straightforward homebuying experience that improves customers’ knowledge and comfort with the homebuying process and increases long-term success. The homeownership team also works to strengthen communities by developing attractive, single-family homes for qualifying individuals and families.
448 Depot Street NE
Christiansburg, VA 24073