Description
Title: Partial Tax Exemption Program 5 Year Evaluation
Summary
The Affordable Housing Partial Tax Exemption Program in Richmond aims to promote the development and rehabilitation of affordable housing. It incentivizes property owners to renovate or create affordable units by offering tax exemptions, provided the properties meet specific criteria, such as being at least 20 years old and having 30% of their units affordable to households earning less than 80% of the Area Median Income (AMI). Over the first five years, the program has facilitated the creation of 52 affordable units and 117 market-rate units, alongside the preservation of 130 affordable units. The program has received 20 applications, resulting in ongoing renovations and construction of more affordable housing. Financially, it has generated a positive revenue impact of $86,976, despite current tax