How Henrico's housing fund helped this mom become a first-time homeowner: 'This is my peace'

HENRICO COUNTY, Va. — For Yvettrise Hoskie, homeownership was a vision she held onto for years. Last December, it became a reality.

"That was one of my visions that I wanted to accomplish," Hoskie said.

The first-time homebuyer and mother of a 14-year-old son said the process moved faster than she expected.

"Once I got here, did the walkthrough and did the paperwork, by the time I got home I was approved," Hoskie said.

She credits Henrico County's Affordable Housing Trust Fund with making it possible. Now eight months into homeownership, she has found something she did not know she was missing.

"I got more than I expected. Henrico offered a lot," Hoskie said. "This is my peace."

Hoskie's story is one of 87 new homeowners welcomed through the program since it launched in 2024. The trust fund leverages revenue generated by data centers in the county to offset the cost of homes for qualifying residents.

Eric Leabough, Henrico's community revitalization director, said the program works by reducing the purchase price at the closing table.

"We're providing funding at the closing table that reduces the purchase price for the first-time homebuyer. That money reduces the sales price," Leabough said.

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The savings go beyond the direct funding.

"In addition to the funding that we're providing, we're also providing building permit fee waivers as well as water and sewer connection fee credits," Leabough said. "So again, making that sales price more affordable to working individuals and families."

On average, buyers are saving between $80,000 and $90,000 through the direct funding alone. When fee waivers are factored in, the savings increase by another $12,000 per home.

"On average, we're seeing savings to the extent of about 80 to 90 thousand in pure funding. Putting in the fee waivers, we're looking at a reduction of another $12,000 per home. So it's significant," Leabough said.

Thursday's ribbon cutting at the Fairway Subdivision marks the county's latest push to increase affordable housing inventory. Of the 290 homes being built at the subdivision, 110 will be accessible through the Affordable Housing Trust Fund. Thirty-four buyers have already completed their purchases. Another 385 homes are in the pipeline with funding in place to lower costs.

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