Richmond announces funding is available for affordable housing projects

RICHMOND, Va. (WRIC) -- The City of Richmond has announced that funding is now available for the Equitable Affordable Housing Program (EAHP) on Thursday.

The city, which issued its second notice that funding is available under the EAHP on Thursday, April 3, said that this will make up to $13 million available for the development and preservation of new multi-family housing units in the city.

“We are proud to bring additional resources to bear in moving the needle on the development and preservation of affordable housing in Richmond” said Director of Housing and Community Development Merrick Malone.

“There can be no doubt that access to affordable housing is one of the surest ways we can uplift our communities. By improving this access, we are empowering families, fostering stability, and laying the foundation for a brighter, more equitable future,” Malone continued.

According to the city, the first notice was issued in the 2024 fiscal year for $7 million for eight projects, constructing 822 units of affordable housing. This year's funding includes $3 million from last year and $10 million from the current fiscal year.

The application will be accepted in two separate phases: the first phase opens on Thursday and closes on Friday, May 16, and the second will open on Sunday, June 1, and will closes on a rolling basis.

The city says they will prioritize projects that help improve their housing strategic goals:

• 2,000 new low-and moderate-income homeowners by Jan. 1, 2023
• 10,000 new affordable rental units by Jan. 1, 2023
• 350 new Permanent Supportive Housing units by by Jan. 1, 2026
• Transforming six properties owned by the Richmond Redevelopment and Housing Authority, known as the “Big Six,” into “Communities of Choice” development sites and the de-concentration of poverty in Council Districts 3, 6, and 7 by Jan. 1, 2037

In February, Central Virginia affordable housing projects received over $11 million in federal funding.

For more information about scoring criteria and other application details, visit the city’s Housing and Community Development website.