Historic First Home Sold Through New River Home Trust: A New Era in Affordable Homeownership
Historic First Home Sold Through New River Home Trust: A New Era in Affordable Homeownership
In September 2023, a remarkable milestone was achieved in Blacksburg and the New River Valley community: Community Housing Partners (CHP) successfully facilitated the first-ever home sale under the New River Home Trust (NRHT) program. This breakthrough represents more than just a completed transaction—it marks a new model in affordable homeownership and delivers on NRHT’s mission to create lasting community impact.
A Home Come True — At Half the Market Price
The home sold through NRHT looked like any other charming home near Virginia Tech—but it launched a new approach to affordability. Thanks to the community land trust model, the land and house were deeded separately: the family owns the home, while NRHT continues to hold the land. This structure removes roughly $100,000 in land costs from the purchase price—a savings that traditional buyers often struggle to achieve.
As Community Housing Partners’ Principal Broker Michael George explained, “Land prices are relatively high… so if we remove that and hold that in trust… the initial purchase price of the house is significantly reduced”. Indeed, where comparable homes in the area sold in the mid-$300,000s, the NRHT home closed in the low-$200,000s—a truly transformative outcome for first-time buyers.
Land Trust Model in Action
The NRHT model is a form of community land trust (CLT), a proven strategy that promotes permanently affordable homeownership. Under this model:
The homeowner owns the house and leases the underlying land through a long-term (typically 99-year) ground lease.
Home prices are kept affordable by separating land cost from the sale price.
The resale process ensures future homes remain accessible to other income-qualified buyers.
This blend of ownership and stewardship safeguards both individual equity and community affordability.
A Milestone That Reflects Community Support
The first NRHT home sale wouldn’t have been possible without collaborative investment and vision from local partners—Montgomery County, the Town of Blacksburg, and CHP—all united around a mission to address housing affordability in the region.
Looking ahead, CHP plans to expand this model. Future phases include developing entire neighborhoods through NRHT, with contributions from both nonprofit and for-profit developers. Meanwhile, continued funding support from local governments will help grow the stock of affordable, trust-held homes.
Why This Matters for You
First-time buyers can access homes priced substantially below market, without sacrificing equity.
Homeowners build equity while maintaining affordability for future buyers.
Communities benefit from more stable, diverse, and inclusive neighborhoods.
Joe Davidson, the realtor responsible for the sale, shared:
“They’re buying a house in Blacksburg this close to campus… for maybe 50 % of what anybody else would pay for this house”—a transformative impact for local families.
The Road Ahead
The sale of this first home is only the beginning. As NRHT continues to roll out more homes in partnership with Habitat for Humanity, CHP, and local developers, this model will expand—making homeownership possible for low- and moderate-income families across the New River Valley.
The story of this first household demonstrates that when public investment, nonprofit innovation, and community commitment come together, transformative change happens. NRHT is not just selling homes—it’s building a legacy of stability, inclusion, and generational wealth.
Interested in joining the movement?
If you’re a prospective homebuyer, donor, or partner, now is the perfect moment to get involved. Learn more about how NRHT can help you—and your community—build a brighter future.
