Richmond grants over 9 million from Affordable Housing Trust Fund

RICHMOND, Va. (WRIC) -- The City of Richmond has announced that they are allocating over $9 million from its Affordable Housing Trust Fund (AHTF).

The purpose of the funding is to support the development and preservation of affordable housing within City. The investment includes the following:

• $7 million towards eight housing projects which according to a press release will, help provide safe, reliable and affordable homes for Richmonders.
• $2.2 million for the city's Healthy Homes Rehabilitation program.

The Healthy Homes Project was initiated in 2024, and seeks to provide grants to qualifying homeowners for repairs to improve sustainability, health and affordability of the home.

City officials say "with the additional funds, the program will be able to support more residents throughout the City, keeping Richmonders in their homes and improving the longevity and sustainability of the City’s housing supply."

Mayor Danny Avula stated that, "Addressing our housing crisis is not a matter of choosing between development and preservation, but a thoughtful combination for both."

Avula continued by stating, "Our City needs new, affordable units to accommodate a growing population, but it also needs to protect the people and the homes that are already here. This round of funding is a reflection of that important strategy."

The previously mentioned 8 housing projects were selected from a pool of 20 applicants and will create almost 600 affordable housing units across multiple districts and neighborhoods.

The recipients of this funding include:

• District 6's Genesis Properties
  • Awarded $1 million and 77 units
• District 6's Maggie Walker Community Land Trust
  • Awarded $175,000 and7 units
• District 6's The Hanson Company
  • Awarded $689,026 and 50 units
• District 6's SupportWorks Housing
  • Awarded $1 million and 82 units
• District 5's Elmington
  • Awarded $1.5 million and 246 units
• District 4's Maggie Walker Community Land Trust
  • Awarded $450,000 and 20 units
• District 2' Pennrose
  • Awarded $1 million and 50 units
• District 2's Douglas Development
  • $1.2 million and 48 units

Director of Housing and Community Development Merrick Malone stated, "We are providing affordable housing to accommodate our growing population while also preserving homes for our long-term residents who want to remain in the City."

These projects were selected based on recommendations from the city's Department of Housing and Community Development (HCD). According to the city, they were objectively scored based on criteria such as:

• Readiness
• Location
• Target population
• Developer experience
• Capacity

Projects that met minimum, established thresholds based on these criteria were advanced for consideration and underwriting. Projects that did not meet the requirements were advised on how they could improve their application and were encouraged to apply for future funding.