The site is five wooded parcels on the west side of Pouncey Tract Road, about 320 feet north of Kain Road. Until this summer it was zoned agricultural. It sits across from Pouncey Tract Park and Striker Park. Henrico supervisors have now cleared it for 74 townhome-style condominiums, built as the newest piece of the Bacova community, and Richmond BizSense reported that the discussion at the hearing involved homes priced from the $800,000s.
Twenty of those homes are meant to sell for much less. That lower price comes with a condition a buyer should understand before anything else. For 30 years, each resale of those units would be capped at a price tied to Richmond-area incomes, not to whatever Short Pump condos are selling for. A buyer of one of those 20 units would own a different asset from a neighbor who bought the same floor plan at market rate.
What the July 28 vote set in place
The Henrico Board of Supervisors approved the rezoning unanimously on July 28, 2026. Three Chopt Supervisor Misty Roundtree made the motion, and Supervisor Tyrone Nelson seconded it. According to the Board's meeting minutes, the approved conditions include:
- A cap of 74 dwelling units on the property
- A minimum of 1,200 square feet of finished floor area for every unit
- A front porch or stoop on every unit, with buildings no more than seven units wide
The plan got smaller over the course of the process. BizSense reported that the minimum floor plan dropped from 2,250 square feet in the original proposal to the 1,200 square feet now on record. The northern road connection into Bacova Village was removed, and the layout now includes 4.5 acres of open space, two pocket parks and 35-foot landscaped buffers along Pouncey Tract. Every unit gets a rear-loading garage and a second-floor patio.
The affordability piece came from two places. At the hearing, Roundtree asked Bacova principal Bob Babcock to commit on the record to 20 homes at an affordable price, and he did. On paper, the terms are in a July 15, 2026 commitment letter in the county's staff report. The letter commits at least 20 units to households earning between 80% and 120% of area median income, with a deed restriction that lasts 30 years from the first recorded sale. The commitment depends on the developer getting approval and adequate financing from the Henrico Affordable Housing Trust, which the developer agreed to apply for and pursue diligently.
Roundtree's comments, as quoted by BizSense, place the project within Bacova's longer buildout:
"Relatively speaking for projects, I think this is the right-sized development for this, and this is a piece of the Bacova development, which is a much larger project."
According to county planning staff, that larger project has grown in phases over about 15 years. It now includes apartments, detached single-family homes, zero-lot-line homes, senior living and earlier townhome-style condominiums.
The ceiling follows paychecks, not Pouncey Tract
Under the proposed restriction, every later purchase of one of the 20 units within the 30 years must stay at an affordable sales price no higher than 120% of area median income, measured when that resale happens.
So the ceiling on these units moves with what households in the Richmond region earn. It does not move with what Short Pump condos sell for. If incomes in the region rise faster than prices on the Far West End, the restricted units keep pace with the market. If Short Pump prices pull ahead of wages, which is what usually happens when a corridor is in demand, the gap between a restricted unit and the market-rate unit next door widens every year of the 30-year term.
The reference numbers are published. HUD's fiscal 2026 income limits took effect May 1, 2026. For the Richmond area, the 80% band is $63,600 for a one-person household and $90,800 for a four-person household. The 120% figures posted by the Partnership for Housing Affordability are $95,350 for one person and $136,200 for four. PHA also notes that income is checked at purchase and is not re-tested if a household's income or size changes later. The cap therefore doesn't affect how long the owner can stay. It affects what the owner can sell for.
One county program, four different equity deals
Henrico's Affordable Housing Trust Fund is paid for with county revenue generated by data centers. PHA, a local nonprofit, runs the program. When BizSense reviewed its first year in July 2025, the county had set aside $60 million with a goal of 750 affordable for-sale homes over five years. Builders that take part get grants plus expedited plan reviews and waived permit and utility connection fees.
The program's projects don't all hand the buyer the same deal on equity:
| Project | How the discount works | What happens at resale |
|---|---|---|
| Discovery Ridge, Mungo Homes, Gayton Road at Lauderdale Drive | 7 of 24 townhomes priced through the program; a 3-bedroom, 2,000-square-foot home at $318,000 against a $460,000 market price | Owner must live there at least 10 years, then can sell with no price limit and keep full equity |
| Parkside Townes, HHHunt, near Sandston | 25 lots sold to Maggie Walker Community Land Trust | The trust keeps the land, so the homes stay affordable permanently |
| PHA's standard covenant | Recorded affordability period of at least 10 years | Resale capped by a formula tied to area income growth and by appraised value |
| Bacova on Pouncey Tract, as committed | 20 units for 80% to 120% AMI households, subject to trust funding | Resale capped at an affordable price no higher than 120% AMI for 30 years |
A Discovery Ridge buyer paid $318,000 for a program home while the community's other units were priced at $460,000, and after 10 years the full gain is theirs to keep. A buyer of one of Bacova's 20 units gets their discount on similar terms at the purchase, but the restriction on what they can collect at resale runs three times as long.
Where the restricted price sits in today's market
In September 2026, Henrico County recorded 109 condo and townhouse closings, according to the Central Virginia Regional MLS market report. The median sale price was $368,725, up 1.6% from a year earlier. Homes took a median of 34 days to sell, and supply stood at 2.5 months. Program-priced homes at Center Creek Homes' Pemberton Row on Quioccasin Road, where all 20 planned units are in the program, have been listed at $345,000 and $355,000 for four-bedroom homes.
So program pricing in Henrico has generally landed near the county's attached-home median. Bacova's market-rate pricing, reported in the $800,000s, sits far above that median. Final prices for the 20 restricted units have not been set. The size of the gap is clear, though. On Pouncey Tract, the distance between an income-based price and the asking price of the unit next door is likely to be much larger than at any project in the table above. A larger discount at purchase also means more of the neighborhood's future appreciation stays on the market-rate side of the deed restriction for those 30 years.
What the hold period asks of an owner
Deed restrictions in this program also set rules for the years in between. PHA's standard recorded covenant requires the home to be the owner's principal residence and does not allow renting it out during the affordability period. When the owner sells, PHA gets 30 days to buy the home first. If it passes, PHA markets the home to a buyer whose household income falls between 60% and 120% of AMI, and PHA verifies that income. PHA's program page adds that buyers cannot offer more than the listed price, and that some homes carry restrictions longer than the 10-year minimum or permanent ones.
For an owner, this changes how a sale works. A restricted unit has a smaller pool of qualified buyers, a set maximum price and a nonprofit with the first right to buy. Under the standard covenant, a buyer can't bid above the listed price and must be an income-qualified owner-occupant. The final covenant recorded on each Bacova unit will set its exact terms. This post is general information and not legal, tax or financial advice, so confirm your own situation with a real estate attorney or lender before signing a restricted deed.
Quick answers for Short Pump buyers
Are the Bacova condos on sale now? The rezoning was approved on July 28, 2026. The 20-unit affordability commitment depends on approval and financing from the Henrico Affordable Housing Trust.
Does the income limit apply again if my income goes up after I buy? Under PHA's homebuyer guidance, income is checked at purchase and is not re-tested later.
Who decides the resale price on a restricted unit? Under Bacova's commitment, the price is capped against 120% of AMI at the time of each sale. Under PHA's standard covenant, the cap is the original affordable price adjusted for growth in HUD's Richmond median family income, and it can't exceed the appraised value.
If you're deciding between a restricted unit and a market-rate condo on the Far West End, the comparison depends on how long you plan to stay and how much appreciation you expect to keep. Search RVA Homes can pull current Henrico condo and townhouse sales so you can compare both price paths side by side. To start with the home you already own, Get Your Instant Home Valuation.
