Richmond Metro Habitat for Humanity, Habitat for Humanity International and 83 other Habitat affiliates receive transformational $436M gift from MacKenzie Scott
Richmond Habitat will use $4.5 million gift to address affordable housing shortage in the Richmond Metro area
Richmond, VA (March 22, 2022) — Richmond Metropolitan Habitat for Humanity, along with Habitat for Humanity International and 83 other U.S. Habitat affiliate organizations, recently received $436 million in unrestricted giving from American author and philanthropist MacKenzie Scott. Of that, Richmond Habitat received $4.5 million – the largest donation ever received by the organization. This transformational donation will substantially help further Habitat’s vision of a world where everyone has equitable access to a safe, quality and affordable place to call home.
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“Access to affordable housing is at a crisis level, particularly access to homeownership opportunities. Coupled with the increasing need to bridge the racial homeownership gap, we’ve been working hard over the past few years to double the number of families we serve annually,” said Huss, “Decades of legalized discrimination in housing has led to the racial disparity that exists in housing today. This gift will make achieving that goal of doubling the number of families served more attainable, and will help us equip our homebuyers with the tools they need to build equity and wealth that can be passed down through generations. We are stunned by this donation and cannot thank MacKenzie Scott and her team enough for their generosity – it is truly incredible!”
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Over the next 5 years, Richmond Habitat will use the $4.5 million donation to acquire additional properties and construct homes at a faster pace. Richmond Habitat has just completed the first two homes as part of their Affordable Rental Pilot Program and will hold a ribbon cutting ceremony later this week. This program will allow individuals working towards homeownership to rent a quality and affordable home with rent capped at no more than 25% of their monthly income. This transformational gift will also be utilized to help increase Habitat’s rental program.
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We hope this gift will inspire other local businesses and individuals to contribute to Habitat’s mission. The affordable housing shortage is affecting families around the world, and we need other like-minded champions to join us in making a difference in our community.
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Currently there is a shortage of 200,000 affordable units (rental and homeownership) in the State of Virginia – 20,000 of which are needed in the Richmond Metro area alone. The average fair market rent in the Richmond area for a three-bedroom apartment is $1,538, compared to the average monthly mortgage payment of a Richmond Habitat homeowner which is $600. According to a report by the Federal Reserve, the average median wealth of a homeowner in the United States is $255,000 – whereas the average median wealth of a renter is $6,300. This shows that homeownership, especially affordable homeownership, is an important tool to help families achieve wealth that can be passed on through generations.
