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Richmond council advances dedicated Affordable Housing Trust Fund with 2.5% real‑estate revenue; advocates demand accountability
Summary
City leaders and housing advocates celebrated passage of a compromise ordinance establishing a dedicated funding stream (2.5% of real‑estate tax revenue) for an Affordable Housing Trust Fund, while community groups warned they will monitor implementation, oppose overreliance on bonds and insist 30% of funds serve households at 30% AMI and below.
Richmond’s City Council on Feb. 23 finalized a measure to reauthorize and strengthen the city’s Affordable Housing Trust Fund, establishing a predictable revenue source and new reporting and implementation requirements, council members and community leaders said.
The ordinance designates 2.5% of real‑estate tax revenue for the trust fund over a multi‑year period and adds accountability measures, including an implementation plan, regular reporting and public posting of trust fund regulations and policies. Council members and the mayor described the measure as a compromise reached after months of negotiation between the administration and advocates.
Why it matters: Advocates called the move ‘‘historic’’ for Richmond and said…
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