THE MWCLT ACTS AS A DEVELOPER AND STEWARD OF PERMANENTLY AFFORDABLE HOUSING IN THE RICHMOND, VIRGINIA REGION BY: (1) ACQUIRING AND HOLDING LAND PARCELS (2) BUILDING HOMES ON THE PARCELS AND (3) SELLING HOMES TO QUALIFIED LOW-TO-MODERATE INCOME HOME BUYERS WHO ENTER INTO A 99 YEAR LAND LEASE AGREEMENT WITH THE MWCLT. MWCLT ALSO ACTS AS THE LAND BANK FOR THE REGION'S THREE PRIMARY JURISDICTIONS: CITY OF RICHMOND, HENRICO COUNTY AND CHESTERFIELD COUNTY. MWCLT ALSO OCCASIONALLY BUILDS AND SELLS MARKET-RATE HOMES IN MIXED-INCOME DEVELOPMENTS WHERE THE SALES PROCEEDS GO TOWARDS SUBSIDIZING THE DEVELOPMENT COSTS OF AFFORDABLE HOMES.
