Description
Title: To amend City Code §§ 16-51, concerning the creation of the Affordable Housing Trust Fund, and 16-113, concerning the administration of the Affordable Housing Trust Fund, to ensure all receipts derived from principal, interest, penalties, and fees received for the repayment and management of loans or grants from the Affordable Housing Trust Fund are reserved for the Affordable Housing Trust Fund.
Summary
On June 22, 2026, the City of Richmond introduced Ordinance No. 2026-164, amending sections 16-51 and 16-113 of the City Code to ensure that all receipts from loans, grants, penalties, and fees related to the Affordable Housing Trust Fund (AHTF) are reserved for the Fund. This legislation aims to enhance the sustainability of the AHTF, which provides financial support to both for-profit and nonprofit housing developers for affordable housing projects. The ordinance is crucial for maintaining predictable funding for the AHTF, which has already supported projects creating 678 affordable units since September 2025. The public hearing is scheduled for July 27, 2026, emphasizing community engagement in