WILLIAMSBURG— The Williamsburg City Council held its monthly work session Monday, Feb. 9, discussing affordable housing initiatives as well as the proposed Rent Ready Williamsburg ordinance and program guidelines.
Affordable Housing Initiatives
The City Council prioritized affordable housing strategy work in 2021 by forming an Affordable Housing Workgroup as part of its goals, initiatives, and outcomes (GIOs). The workgroup’s task was to study affordable housing in Greater Williamsburg, particularly in the city, and make recommendations for action. The city manager’s workgroup, formed that year, included 15 members with expertise in various areas.
Over nine months, the group produced a list of 80 potential actions, though only 13 were considered actionable in both the short and long term. The workgroup published a summary and the 13 action items in a report available on the city’s website. Several initiatives on the full list would require funding to offer programs for first-time homebuyers, reduce interest rates, provide renovation funding, or supply down payment assistance.
During the COVID-19 pandemic, the city saw an opportunity to support these programs through a one-time funding commitment. The COVID/ARPA relief steering committee recommended, and the City Council approved, setting aside $900,000 for affordable housing initiatives. The council then began meeting with a local bank to explore a partnership that would extend these funds and reach a broader pool of applicants. That partnership, however, did not fully align with the city’s goals or the Williamsburg housing market.
In 2025, the city was approached by C&F Bank regarding a similar partnership. Representatives from C&F Bank attended the meeting to discuss how they would manage and oversee the program to benefit both the city and its residents.
The presentation noted that mortgage rates currently range from 6% to 6.5% for a standard 30-year fixed loan. According to the National Association of Realtors, the median down payment for all buyers is 12%, while first-time buyers average 6%.
C&F Bank proposed The Williamsburg Way Home, a program offering centralized campaign materials, dedicated homeownership liaisons, tailored support and free educational resources, a public calendar of events, up to $5,000 in lender credits, city and university grant opportunities, and down payment assistance and interest rate relief.
The proposed budget for the program is $2.7 million, with $900,000 from the city and additional funds expected from the City Foundation and William & Mary. While the city has approved its portion, there is no commitment yet from the other two parties. Even if they do not participate, the city could still choose to move forward.
“It’s easy to have rentals, but it’s getting even more difficult to bring people into the city for homeownership,” said Mayor Douglas Pons. “That’s a factor of lots of things, but in large part due to affordability. This opportunity to me is a great first step to helping first-time homebuyers.”
Rent Ready Program
In 2019, the Neighborhood Balance Committee convened to examine best practices for enhancing the coexistence of rental and owner-occupied single-family neighborhoods near William & Mary, at the request of the city council.
The committee recommended roughly 20 strategies for council consideration. In response, the 2021–22 biennial goals, initiatives, and outcomes directed staff to review the recommendations and develop an implementation plan, including creating a Rent Ready program for the city.
Between December 2022 and April 2023, surveys and studies were conducted to better understand the needs of students, landlords, and nearby owner-occupants. Using feedback from these surveys and focus groups, and input from William & Mary, staff prepared a draft Rent Ready ordinance and program. It was presented at the city council meeting in July and launched on the city’s Rent Ready webpage.
The program applies to four districts of single-family detached dwellings near William & Mary, Capitol Landing Road, and York Street. The proposal allows more homes to qualify for four-person occupancy if the property scores at least 95 on the Quality Assessment. Square-footage requirements have been eliminated, though parking and bedroom requirements remain the same. Currently, 37 homes are enrolled in the four-person occupancy program.
Several input sessions were held last year, along with an online survey. Eighty-one people attended the sessions, and 36 responded online. Of those, 56% said they did not believe the program would be effective due to its voluntary nature and lack of incentive for landlords to enroll. Presenters noted that, under Virginia law, the program must remain voluntary.
With the input, several key changes were recommended.
Survey participants rated the importance of implementing the program 2.84 out of five but rated the need for some type of program 4.2 out of five.
The next city council meeting will be held on Thursday, Feb. 12 at 2 p.m. at the Stryker Center. For more information, visit the city website.
