Skip to main content
A home in Blacksburg, Virginia

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
New River Home Trust 101 Download a fact sheet to learn more about community land trusts and how they work.
Download PDF

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.

Montgomery County Income Limits 2023

Available Properties See a listing of properties for sale in the New River Home Trust.
Homes for Sale

Stories from Homeownership

Homeownership

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
540-260-9039

Contact Homeownership

Follow Us On Social Media