Description
Title: To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $8,000,000 for the acquisition, construction, and equipping of the approximately 48-unit multifamily residential rental housing project at 115 North Jefferson Street in the City of Richmond. (2nd District)
Summary
On April 13, 2026, the Richmond City Council will hold a public hearing to consider a resolution (2026-R014) approving the issuance of up to $8 million in multifamily housing revenue bonds by the Richmond Redevelopment and Housing Authority (RRHA). This funding is intended to support the acquisition, construction, and equipping of the Sevilla Residences, a project aimed at creating approximately 48 affordable rental units at 115 North Jefferson Street. The project, developed by Jemal’s Sevilla, LLC, will include 36 studio apartments and 12 one-bedroom units, all designated for residents earning up to 60% of the area median income. This initiative is significant as it addresses the city's housing crisis and aligns with strategic goals