Richmond-based builder Center Creek Homes only launched two years ago, but is making waves in the city by building low-income housing. According to Richmond Biz Sense, the home building company currently has dozens of homes under construction or in development. The most recent project takes land previously zoned for two single-family homes and will now house five smaller attached homes. One of these homes will be priced at $180,000 for income-qualifying buyers while the other four will be priced at about $260,000. Center Creek Homes received a special-use permit from the city in order to change zoning for the lots.
CEO Dan Magder, who founded Center Creek with COO and childhood friend Greg Shron, points to the project as a model of successful collaboration between the private and public sectors, and of maximizing use of available land.
The company designed the project with input from City Councilmember Cynthia Newbille and area group New Visions Civic League, while funding assistance from the city’s Department of Housing and Community Development allowed for the lower-priced home to be achieved, Magder said.
Advertisement
Related Stories
Affordability
How Much Must American Renters Earn to Afford Average Rental Prices?
US rents have increased 3.6% year-over-year, pushing the amount renters must earn to afford average rents to around $80K
Affordability
American Families Are Spending a Quarter of Their Income on Mortgage Payments
The average monthly mortgage payment is up more than 9% year-over-year
Economics
Gen Z Feels Weight of US Debt Burden While Trying to Enter Housing Market
Current US debt has surpassed levels reached in the aftermath of World War II, with Gen Z bearing the brunt