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Community groups and council push for dedicated Affordable Housing Trust Fund funding
Summary
Mayor and council presented a revised Affordable Housing Trust Fund ordinance, and dozens of faith and advocacy groups urged the council to adopt predictable funding (2.5% of real-estate tax was discussed) with strong implementation, transparency and protections for households at 30% AMI and below.
The mayor and council presented a revised Richmond Affordable Housing Trust Fund ordinance intended to create a predictable, dedicated funding stream for the construction and preservation of deeply affordable housing.
Mayor Daniel Avila and CAO Odie Donald (presenting for administration staff) outlined a two-part strategy: increase supply and prevent displacement through zoning updates, collaborative redevelopment and preservation strategies, and dedicated predictable funding. "This legislation ... creates a dedicated, transparent and fiscally responsible…
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