There are many ways to make it more affordable for an individual or family to own a home. One of them is to separate the cost of land from the cost of the structure itself.
That’s the business model of the Piedmont Community Land Trust, an entity created in 2008 by the Thomas Jefferson Planning District Commission, which is now operated by the Piedmont Housing Alliance.
In February 2022, the Piedmont Housing Alliance purchased a single-family attached house at 741 Prospect Ave. for $162,000. In that year, the land value was assessed at $40,000 and the structure was assessed at $130,900.
On February 4 of this year, an individual purchased the structure for $160,000. According to the deed, the PCLT will lease the land to the new homeowner for a nominal fee. The 2025 assessment for the improvement is $195,300.
This is the latest example of the land trust’s approach to purchasing existing homes to keep them affordable. PHA has also purchased several other single-family attached homes in the 700 block of Prospect Ave. For instance, the organization purchased 733 Prospect in December 2021 for $144,000, and the structure was sold in January 2024 for $155,000.
The land trust also works with Habitat for Humanity of Greater Charlottesville on some projects and pursues new construction on others.
The land trust purchased four lots in the Belmont-Carlton neighborhood for $120,000 in September 2017 to undertake new construction. One of them, 820 Nassau St., is back under the ownership of the land trust after being sold in February 2020 for $215,000 and sold again to a second owner in May 2022 for $243,000. The land trust exercised its right of first refusal to buy back the property on April 1 for $265,000.
Earlier this month, Charlottesville City Council agreed to spend $300,000 from the city’s affordable housing fund on two land trust projects. That includes one property owned by PCLT at 356 11th St. NW. The land trust bought the 0.08-acre property from board member Joshua Batman for $73,150 in September 2024. Batman had paid $230,000 six years before. Council allocated $100,000 to construction of two houses on the property.
Council also agreed to contribute $200,000 to the land trust for a project at 905 Rives St. The Piedmont Housing Alliance purchased the 0.43-acre property in June 2024 for $300,000 from former Deputy Director Charlene Greene. There are currently no plans filed with the city for construction.
The Piedmont Housing Alliance purchased several single-family attached units in the Orangedale section of Fifeville to make them available for sale by the Piedmont Community Land Trust. Staff photo.
