Description
Title: To request that the Chief Administrative Officer cause the Department of Housing and Community Development, in coordination with other relevant City departments, to conduct a feasibility and potential methods study by which the City may purchase real property within the city of Richmond for the development of affordable housing and to provide the Council with written recommendations for implementing the findings of the study.
Summary
On May 11, 2026, the Richmond City Council introduced Resolution No. 2026-R022, requesting the Chief Administrative Officer to oversee a study on the feasibility of acquiring real property for affordable housing development. This initiative responds to the city's ongoing shortage of affordable housing for low- and moderate-income residents. The study aims to evaluate fiscal impacts, potential funding mechanisms, and possible partnerships with developers and community organizations. The findings will guide the Council in crafting policies to enhance affordable housing availability. A report detailing the study’s results and recommendations is expected within ninety days of the resolution's adoption. This legislation is crucial for addressing housing needs in Richmond.