Description
Title: To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a Grant Agreement between the City of Richmond, ECG Rady, LP, and the Economic Development Authority of the City of Richmond for the purpose of facilitating the construction of an affordable residential development located at 2811 Rady Street, and to repeal Ord. No. 2025-008, adopted Jan. 27, 2025.
Summary
Ordinance No. 2026-170, introduced on July 6, 2026, authorizes the Chief Administrative Officer of Richmond to sign a Grant Agreement among the City, ECG Rady, LP, and the Economic Development Authority for constructing an affordable residential development at 2811 Rady Street. This project will provide at least 288 housing units, targeting an average income level of 60% of the area median income, supporting the City’s goal of increasing affordable housing options. The ordinance repeals a prior ordinance (No. 2025-008) and aims to enhance community welfare through economic development and housing security. A public hearing is scheduled for July 27, 2026, to gather community input on this initiative