Description
Title: February 18, 2026 - Finance and Economic Development Staff Report
Summary
On February 18, 2026, the Finance & Economic Development Standing Committee of Richmond reviewed several legislative proposals aimed at enhancing the city's financial management and supporting affordable housing initiatives. Key items included: 1. **Ordinance No. 2026-045**: This legislation proposes repealing existing revenue programs for affordable housing and establishing a new funding mechanism that allocates 2.5% of real estate tax revenue to the Affordable Housing Trust Fund starting in FY29, with a transition plan beginning in FY26. 2. **Ordinance No. 2026-041**: This ordinance allows for a $14.7 million loan from the city's Contingency Reserve to the Economic Development Authority for purchasing property in the Diamond District,