Description
Title: To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $11,000,000 for the acquisition, construction, and equipping of the approximately 69-unit multifamily residential rental housing project at 400 East Grace Street in the city of Richmond. (6th District)
Summary
On April 13, 2026, the City of Richmond introduced Resolution No. 2026-R016, which approves the issuance of up to $11 million in multifamily housing revenue bonds by the Richmond Redevelopment and Housing Authority (RRHA). These funds will support the acquisition, construction, and equipping of a 69-unit residential rental housing project located at 400 East Grace Street. The project is classified as a "qualified residential rental project" under federal tax code provisions. The resolution, sponsored by Councilmember Ellen Robertson, aims to enhance housing availability in Richmond. Importantly, the City and RRHA will not be liable for repayment of the bonds, ensuring no financial obligation falls on local taxpayers. A public hearing on this matter is