Description
Title: To amend City Code § 12-48, concerning disposition of certain real estate tax revenue, for the purpose of requiring additional annual reporting on loans awarded from the Affordable Housing Trust Fund.
Summary
On April 13, 2026, the City of Richmond introduced Ordinance No. 2026-082, amending City Code § 12-48 to enhance reporting requirements for loans awarded from the Affordable Housing Trust Fund (AHTF). Effective July 1, 2028, the ordinance mandates that 2.5% of real estate tax revenues be allocated to the AHTF. The Chief Administrative Officer is tasked with implementing a transition plan and must report annually on loan performance, including outstanding principal, repayments, and defaults. This legislation aims to improve transparency and accountability, thereby fostering public trust in how taxpayer dollars are utilized for affordable housing initiatives. The ordinance will undergo a public hearing on April 27, 2026.