Description
Title: To repeal City Code § 12-46, concerning the disposition of revenues derived from the expiration of partial exemptions from real estate taxation and from certain sales of tax delinquent properties, and to amend ch. 12, art. II, of the City Code by adding therein a new section 12-48, concerning disposition of certain real estate tax revenue, for the purpose of providing for the disposition and evaluation of certain revenues for affordable housing initiatives.
Summary
On February 9, 2026, the City of Richmond introduced Ordinance No. 2026-045, which aims to repeal existing code regarding the revenue from expired real estate tax exemptions and amend the city code to create a new section focused on real estate tax revenue. This legislation establishes a consistent funding mechanism for the Affordable Housing Trust Fund by allocating 2.5% of real estate tax revenues collected annually to support affordable housing initiatives starting in fiscal year 2028-2029. The ordinance includes provisions for financial oversight, requiring annual evaluations and reports to ensure transparency and fiscal responsibility. This measure responds to the city's housing crisis and seeks to provide a reliable revenue source to enhance affordable housing efforts. A public hearing is scheduled for February 23