Renaissance Ridge Reaffirms Commitment to Workforce Housing Amidst Volatile Housing Market

The partners of Renaissance Ridge are busy behind the scenes working on obtaining the final permitting that will allow the developers to move forward with breaking ground as planned for this winter/spring.

All the while, the housing market is still going through a volatile phase as mortgage rates have climbed higher than they have been in nearly two decades recently. The average rate for a 30-year fixed mortgage in the United States as of the writing of this post is 7.57%, up even higher from the last few months. This is adding strain on today’s would-be homebuyers who are also confronting elevated home prices due to a lack of inventory of homes for sale. The rate volatility will likely remain a factor in the coming months, though many expect rates will trend downward over time.

To offset the higher interest rates, builders and developers have been designing somewhat smaller houses in an effort to keep prices in check.  As mentioned in a recent NPR article, the average size of a new house has fallen from about 2,350 square feet at the end of 2021 to about 2,200 square feet today.  This is creating a serious paradigm shift where “small is the new big”. Based on this approach, some of the new home products Renaissance Ridge is committed to offering will be made up of variable-sized units to broaden the spectrum of homebuyers that will live, play and thrive at Renaissance Ridge.  

Together with funding from private sources, Renaissance Ridge is still committed to making approximately one-third of the homes eligible for people who live or work in Nelson County and embracing the spirit of fair housing laws and equal opportunity principles. 

Households whose income is at or below 80% AMI will be eligible for special financing assistance. With cost burdens at an all-time high, it is more important than ever to promote workforce housing solutions. If you make less than the amount listed for your household size, then you may qualify for financing assistance to buy a home at Renaissance Ridge: 

To find out more, we encourage you to visit one our partners, Piedmont Housing Alliance, who offers a variety of free classes on homebuying and down payment assistance. These classes are offered all throughout the year, however, their next virtual classes will be on October 17th and November 8th. In these classes, you will learn about affordable home financing and support, such as the down payment loan program, SPARC program, and pre-purchase counseling. Participants are encouraged to ask questions about these different programs to find out how they can work for them. For a complete list of upcoming classes and to register for them see here. 

You can also sign up to work one-on-one with a housing counselor who can guide you through the steps and make recommendations before you start looking for your future home. To start that process, please fill out their in-take form here. 

Renaissance Ridge Development Continues After Some Delays

Renaissance Ridge, our Nelson County housing development that incorporates high-quality design, sustainable construction and community connectivity, is continuing its progress towards breaking ground in early fall.

Renaissance Ridge is proud to be working with the Nelson County Community Development Foundation (NCCDF) to attract special funding to support this endeavor. During the early days of the project, Renaissance Ridge had its sights set on using grant money from DHCD, awarded in March of 2021, part of the $24 million in Affordable and Special Needs Housing loans that were awarded for 28 projects across Virginia. Together with funding from private sources, Renaissance Ridge planned to make approximately one-third of the homes eligible for people who live or work in Nelson County.

Since that time, the scope of the project has evolved to the extent that the scoring for the grants has changed significantly as has the timing. As a result, DHCD along with the Renaissance Ridge team have decided that the best thing is to reapply for funds in the near future once all the permits are in place. In the meantime, Renaissance Ridge and NCCDF have identified other funding entities that are interested in supporting the workforce model in Nelson, with hopes of increasing the number of workforce units significantly. This is an improved economic model that will better serve our greater community.

Renaissance Ridge, in alignment with the Wintergreen Master Plan will reflect some of the housing types and price ranges based on the precedent set during Wintergreen’s Comprehensive Development History. The mission of Renaissance Ridge is to develop an intergenerational housing community made up of workforce and market-rate custom cottages and homes, maximizing open green space and livable sustainability.

Creating Equitable Access to Homes in an Otherwise Challenging Market

Finding workforce housing in Nelson County continues to prove difficult as evidenced by data in CAAR’s recent home sales report. The CAAR 2022 4th Quarter Homes Sales Report can be found here.

Mortgage rates have started to stabilize and trend downward. In the third week of January 2023, the average rate on a 30-year fixed mortgage was 6.15%, which is down from around 7% a few months ago. Also of note, the supply of active listings is growing in the CAAR footprint. There were 740 active listings on the market at the end of the fourth quarter, 304 more listings than a year ago, a 70% jump. In Nelson County, the inventory of active listings rose by 58% compared to last year’s 4th quarter numbers. The days on the market (DOM) is 33 days, six days faster than a year ago. This indicates it is still a very strong "seller’s market" until the DOM is closer to 120 DOM. 

This of course, is exactly the housing gap we are hoping to bridge. Renaissance Ridge plans to build at least 80 units in Phase 1 with around 20-25% of those homes designated for workers that want to live and/or serve our community. We hope to help people like Tyler who commented, “As a member of the Nelson County public safety community, I particularly like that the project allows for equitable access to a home in an otherwise challenging market. Moreover, its location is beautiful and the designs are stunning. Finally, as a Firefighter/Paramedic within the community, living here would allow me to access fire/rescue apparatus more quickly on my days off, should there be a need.”

Stay tuned for more information on cottage designs and other plans for the townhouses and single-family homes at Renaissance Ridge soon. If you are interested in becoming a homebuyer, we would encourage you to fill out a short questionnaire provided by our partners at Piedmont Housing Alliance, to help get you started with the process.

A New Home in the New Year?

It’s the start of a new year, with new opportunities and a time to hit the reset button and start fresh. It is an excellent opportunity to start reaching towards ongoing goals you may have. If buying a home has been on your list, why not use the new year to begin taking steps to become a homeowner. The path to affordable homeownership may be closer than you think.

One of our partners, Piedmont Housing Alliance, offers a variety of free classes on homebuying and down payment assistance. These classes are offered all throughout the year, however, their next virtual classes will be on January 25th and February 6th. In these classes, you will learn about affordable home purchase support, such as the down payment loan program, SPARC program, and pre-purchase counseling. Participants are encouraged to ask questions about these different programs to find out how they can work for them. For a complete list of upcoming classes and to register for them, see here.

You can also sign up to work one-on-one with a housing counselor who can guide you through the steps and make recommendations before you start looking for your future home. To start that process, please fill out their in-take form here.

Renaissance Ridge is excited to partner with Piedmont Housing Alliance in the future for some of the workforce housing that will be available in Nelson County.

There is also an upcoming opportunity to learn more about affordable housing in our region and the missing middle which will be offered by The Central Virginia Regional Housing Partnership of the Thomas Jefferson Planning District Commission during their 2nd Annual Regional Housing Summit. The event’s theme is “Coming Back Home” focusing on the role local and regional housing policies play in the recovery from the COVID-19 pandemic and the health and futures of our neighbors, communities, and the region. It will take place on Friday, March 24, 2023 at the Omni Hotel in downtown Charlottesville and tickets may be purchased here.

The Missing Middle – Is This You?

There is a gap in the housing availability for residents who wish to live and work in this community they call home in Nelson County. This housing gap has been termed by many as the Missing Middle.

As the development team began working on Renaissance Ridge, a key housing marketing study was performed to help identify some of the greatest housing challenges for Nelson County. During this survey, a long-serving member of the Nelson workforce commented, “I would like to live and support the community that I have worked for over the past 14 years. In addition to my love of the people in the community, I also would have a strong desire to live and thrive in the luscious scenery that is Nelson.” With just 2 out of every 10 people living in Nelson County who work in Nelson County, this clearly is a problem. Factors such as current inflation, the lasting effects of COVID-19, long-standing issues of racial inequity, coupled with high rents and home prices all have a large impact on how this can community can grow or not. Housing is foundational for households, communities, and economies.

These people are young professionals, workers in construction trades, firefighters, police officers, teachers and other public employees who are integral to a community, yet who often cannot afford to live in the communities they serve. Workforce housing is most commonly intended for households with incomes between 60 and 120% of AMI. This project has received financing through the state via Affordable and Special Needs Housing (ASNH) loans, which combine state and federal resources. Households whose income is at or below 80% AMI, will be eligible for special financing assistance. With cost burdens at an all-time high, it is more important than ever to work on workforce housing solutions. If you make less than the amount listed for your household size, then you may qualify for financing assistance to buy a home at Renaissance Ridge: 

Income Limits pulled from the Department of Housing and Urban Development (HUD)’s website

Renaissance Ridge plans to help fill in the gap for the missing middle and provide options for single-family attached and detached homes, townhomes and cottages to those that want to live in Nelson County. 

As evidenced by data recently released by CAAR in their Home Sales Report, finding workforce housing in Nelson County continues to prove difficult. The third quarter median sales price in Nelson County was $400,000, up 10% from the previous year, a $35,000 price increase. Prices are now $185,500 more than they were at this same time four years ago. 

To learn more, register for a webinar on November 17 at 12 p.m. hosted by the Charlottesville Area Alliance concerning missing middle and ADU housing in the context of age-friendly communities.

Renaissance Ridge Hopes to Earn Virginia’s First Sustainable Community Designation

Renaissance Ridge believes energy conservation starts at home. We strive to set the benchmark for energy efficiency and sustainability. In most cases, it doesn’t cost more to build energy-efficient homes.

Earth-friendly exterior materials, recycled building components, insulation, low-flow plumbing, sustainable source cabinets, low-emission paint, carpet pads for indoor air quality, and Energy Star rated heating, ventilating, and air conditioning systems will be a part of every home built at Renaissance Ridge.

When the Renaissance Ridge leadership team researched healthier approaches to building homes and communities, we learned how poor indoor air quality is caused by common products being used in nearly every building project. Therefore, we took steps to recruit a homebuilder that rejects the use of volatile organic compounds in their homes. The result will be a much healthier home that promotes livable-sustainability.

All Renaissance Ridge homes will offer special options that include, but are not limited to: 

• Energy Star rated appliances and air conditioning and ventilation systems

• Foam sealed exterior penetration points

• Double pane windows with metallic oxide to reduce transfer of heat flow

• Industry-best side wall and attic insulation

• Solar Panelization

• Energy Management Systems - Cellular Based

• Smart Home Technology - Cellular Based

• Home Security Systems - Cellular Based

• Soil Management Systems - Stormwater Control

We also plan to develop ample green spaces and walking trails to increase not only the quality of livability at Renaissance Ridge for all community members, but also a safe space for people to walk and commune away from cars. This will bring community members closer together, allowing them to meet more people and promote healthy living.

Homes in Renaissance Ridge will also feature advanced digital technology which means our homes will also make “aging-in-place” a much more viable option for seniors. More smart home technologies will support the delivery of healthcare, educational amenities, and connectivity with friends and family which are evidence-based ways to improve one’s physical and mental well-being.

Renaissance Ridge hopes to obtain the first Virginia Sustainable Community designation with our plans to incorporate EarthCraft certified homes and smart home management. We plan to work with Viridiant to obtain this certification. 

We have chosen a team who embraces our original vision and commitment to develop a special intergenerational community made up of cottages, homes and condominiums where design matters, the environment matters and where people matter. 

Stay tuned for more announcements on Renaissance Ridge soon!

Nelson County Comprehensive Plan Underway

Did you know that Nelson County is currently in the process of creating a New Comprehensive Plan supported by a shared vision from its citizenry? This special rural county of 14,445 current residents established in 1807 and named for its third governor, General Thomas Nelson, Jr., has a unique setting in the middle of the Blue Ridge mountains with much to offer along with a robust economy. Nelson County has grown in the last ten  years, especially in its agritourism industry and it is important to take this time to develop a thorough new Comprehensive Plan to establish a thoughtful approach for its future. 

With growing concerns over the lack of housing inventory as well as different housing types in Nelson County, Renaissance Ridge and the Nelson County Community Development Foundation have formed a unique partnership that intends to help fill in the “missing middle” gap. With just 2 out of every 10 workers actually living in Nelson County, more workforce housing will be very beneficial for the continued growth with Nelson County’s recruiting and retention needs within its business and social sectors.

There are many ways to get involved in the planning process. Most immediately, there is a survey for public input. The deadline has been extended to August 31st. This survey is an opportunity for residents and neighbors of Nelson County to share their thoughts and opinions on the future growth and development of the County. Some of the topics covered in this survey include land use and general future patterns in the Nelson County community. This feedback will be used by the County staff, the Planning Commission, and the Board of Supervisors as they work to update the County’s Comprehensive Plan. 

Another fun way to get involved is to post ideas on their Idea Wall or to get creative by submitting a drawing into the Comprehensive Art Challenge. 

There are also several additional Public Workshops and Input Results Forums that were just announced, so please mark your calendar and plan to get involved when and where you can! 

To learn more about the Nelson County Comprehensive Plan, see their website.

Clarifying Information on Renaissance Ridge

Renaissance Ridge is in its third year of planning. We are still in the conceptual phase, but we are getting closer to being able to share more information about our builder and a project timeline. In the meantime, as a way to help clarify some misinformation, we wanted to share this update:

1) RR will be made up of two phases - 94 units in phase one and 42 units in phase two. 

2) RR is planning to have only ONE entrance off of Rt. 151 that will be similar to the Stoney Creek entrance with white fencing and attractive landscaping. 

3) There will be a southbound deceleration lane as part of the entrance. 

4) The only official connectivity to Stoney Creek will be by way of walking/biking trails. 

5) RR is working with a "high-quality" well-seasoned builder to ensure architectural integrity and green-friendly innovations. 

6) RR homes will be made up of small cottages, townhomes, "Rosewood Village type" of attached villas, and modest sized single-family homes. 

7) Livable space in these homes is expected to range from ~750 s.f. to ~3,000 s.f. The majority of the units will be less than 2,000 s.f. of finished space. 

8) It is expected that approximately 60% of the homes will be single-floor living with at-grade entries. 

9) RR along with the builder will be marketing the homes to the general market of retirees, families, first responders, local workforce, folks that might consider down-sizing, and professionals that work from home. 

10) Homes will include state of the art "green" features along with options for "smart-home" technology and innovative energy-management systems. 

11) RR is designed and formulated to be a year-round living community that promotes a healthy lifestyle and livable sustainability. 

12) Renaissance Ridge owners will be required to comply with all Wintergreen Property Owners Association (WPOA) Covenants plus additional covenants for RR, pay annual dues (approximately $255,000 annually at current WPOA assessment rates), and have full access to WPOA amenities property rights along with the other property owners at Wintergreen (4,960 total Potential Units Wintergreen Master Plan).

13) RR is NOT being marketed to investors of short-term rentals. It should be noted that early on during the due-diligence phase, the Market Study revealed there was a trend in the area for Airbnb and VRBO development. RR perceived these rental platforms might be a way to offset the cost of living of owner-occupied homes with extra space. But when RR got feedback from its public presentations and discussions with community members, RR abandoned any notion of promoting Airbnb or VRBOs. 

14) RR will be sharing additional information, photos of homes, updated site plans/renderings in the coming months. 

15) The Renaissance Ridge website currently has conceptual renderings of the entrance and general layout of the neighborhood, but once the final plans are approved, RR will publish updated renderings and home designs. 

Sign up at www.RenaissanceRidge.com for the latest blog posts and updates. And if you are interested in homebuying, feel free to fill out our homebuyer interest form.  

Classes Being Offered for Potential Homebuyers

One of our partners, Piedmont Housing Alliance, offers a variety of free classes on homebuying and down payment assistance. These classes are offered all throughout the year, however, if you are interested, their next virtual classes will be on August 10 and August 24. In these classes, you will learn about down payment assistance, such as the down payment loan program, SPARC program, and pre-purchase counseling. Participants are encouraged to ask questions about these different programs to find out how they can work for them. 

August 10th at 11 am
Register here

August 24th at 5:30 pm
Register here

Another online resource from Piedmont Housing Alliance for potential homebuyers includes a 21 Step Homebuying Guide. You can also sign up to work one-on-one with a housing counselor who can guide you through the steps and make recommendations before you start looking for your future home.

Renaissance Ridge is excited to partner with Piedmont Housing Alliance in the future for some of the workforce housing that will be available in Nelson County.

Housing Inventory & Affordability Continue to Be Problematic Across the U.S.

There is no question, the U.S. has doubled its housing shortage in the last decade alone. The recent record-breaking increase in housing production and financial resources has yet to make a difference in housing prices. This has even been true in smaller, more moderately-priced markets. As noted by a recent article by Housing Forward, “It’s just not enough.” 

And unfortunately, this housing shortage will likely continue to worsen. A recent report by Up For Growth called Housing Underproduction in the U.S. noted: “If we preserve a more of the same approach to policymaking, the nation’s housing shortage will continue to worsen. At the local level, exclusionary and discriminatory land-use and zoning policies artificially restrict housing production. A host of policies and practices—too much single-detached zoning, minimum lot size requirements, unpredictable and lengthy permit processes—restrict the availability and affordability of homes in high-opportunity neighborhoods, places that are rich in jobs, transportation, infrastructure, and community assets. While this affects everyone, it is particularly burdensome for working families, people with low incomes, and people of color. In fact, racial and ethnic discrimination has been embedded in housing policy for over a century. To create access to opportunity and a housing system that serves everyone, policymakers must prioritize racial, ethnic, and economic equity outcomes and actively reverse the nation’s history of exclusionary policies.  The good news is that we can choose to adopt a new approach to building homes that addresses not only availability and affordability, but also has positive impacts on equity and inclusion, economic vibrancy, and climate change. We can convert Housing Underproduction into housing opportunity.” 

In keeping with the rest of the country, inventory is at historically low levels in the region. According to CAAR’s 2022 1st Quarter Market Report, supply continued to fall in the first quarter, but the year-over-year inventory declines have moderated, suggesting that inventory might be bottoming out in the region. Across the CAAR footprint, there were 472 active listings in the region at the end of the first quarter. While inventory is down by just 16 listings, or 3%, compared to the end of the first quarter of 2021, the number of homes on the market is just about a third of what it was in the first quarter of 2020, before the onset of the pandemic. 

Here's a snapshot from their report on Nelson County for the 1st quarter of 2022.