Description
Title: To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $17,000,000 for the acquisition, construction and equipping of the approximately 230-unit Commerce Heights multifamily residential rental housing project at 1410 Ingram Avenue in the city of Richmond. (6th District)
Summary
On April 13, 2026, the City of Richmond introduced a resolution to approve the issuance of up to $17 million in multifamily housing revenue bonds by the Richmond Redevelopment and Housing Authority (RRHA). These bonds will finance the acquisition and construction of the Commerce Heights residential project, which will comprise approximately 230 rental units at 1410 Ingram Avenue. The project, developed by Commerce Heights, LLC, aims to create affordable housing, with 60% of units designated for low-income residents. The resolution is significant as it reflects Richmond's commitment to increasing affordable housing options, particularly in underserved areas. The public hearing for this resolution is scheduled for April 27, 2026, ensuring community input prior to final approval. Import