Description
Title: Affordable Housing Trust Fund
Summary
The Affordable Housing Trust Fund (AHTF) established under Richmond City Code aims to support low- and moderate-income households by offering financial assistance to developers for creating and preserving affordable housing. Established in 2004 but funded since 2014, the AHTF has allocated over $42.3 million, resulting in the production and preservation of 3,603 affordable units. The fund finances both rental and owner-occupied housing, with a focus on properties in mixed-income neighborhoods. A 12-member Supervisory Board guides the fund, ensuring compliance with regulations and overseeing project recommendations. Key funding initiatives include grants, below-market loans, and financing for pre-development costs, catering to diverse housing needs in the community. The AHTF's efforts are