Description
Title: To amend City Code § 2-1213, concerning the employee first-time homebuyer’s assistance program, for the purpose of expanding the program to include employees of the School Board of the City of Richmond as authorized by Code of Virginia, §15.2-958.2(A).
Summary
On March 10, 2026, the City of Richmond introduced Ordinance No. 2026-055 to amend City Code § 2-1213, expanding the Employee First-Time Homebuyer’s Assistance Program to include employees of the Richmond School Board. This program offers financial assistance, up to $25,000, for down payments and closing costs to first-time homebuyers purchasing a primary residence within city limits. The amendment aims to increase participation and address the unspent $1.2 million in allocated funds from the American Rescue Plan Act, as only four employees have benefitted since the program's inception. The ordinance underscores the city’s commitment to affordable housing and employee retention, with a public hearing scheduled for March 23, 202