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Housing department outlines gap financing, preservation and plans for a revolving loan fund
Summary
Richmond’s Director of Housing and Community Development told the committee the city has leveraged public funds into larger private investment for affordable housing, highlighted preservation work funded with ARPA and federal entitlement dollars, and said staff are developing alternative financing including a proposed revolving loan fund.
Merrick Malone, Director of Housing and Community Development, told the Land Use Committee that Richmond’s housing programs rely on "intentional" public subsidy to create affordability and that the city has used performance grants, tax‑exempt bond programs and federal entitlement funds to leverage private capital.
"I always tell people that affordable housing, there's no such thing as a an affordable brick or a market rate brick," Malone said, explaining that the city’s contribution fills…
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