Description
Title: To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Grant Agreement between the City of Richmond, 512 Hull Street, LLC, and the Economic Development Authority of the City of Richmond for the purpose of clarifying the affordable housing requirements applicable to the residential development located at 512 Hull Street. (6th District)
Summary
Ordinance No. 2026-165, introduced on June 22, 2026, allows the Chief Administrative Officer of Richmond to amend a Grant Agreement with 512 Hull Street, LLC and the Economic Development Authority. This amendment aims to clarify affordable housing requirements for a residential project located at 512 Hull Street, ensuring compliance and administration of affordability commitments established in a previous agreement from September 2024. The project is required to maintain a minimum of 50 affordable units for at least 30 years, with specific income restrictions. This legislation affects the City of Richmond, the developer, and future residents by ensuring transparent and enforceable affordable housing standards. It aligns with broader city initiatives aimed at expanding housing opportunities and promoting long-term affordability within the