Affordable Housing

Latest Update: Nearly one million dollars has been allocated in the 2016-2017 city budget for the Affordable Housing Trust Fund.

The Problem:

  • 27% of Richmond households pay more than 50% of their income for housing. Many of those households earn less than 30% of the area median income (which for the Richmond Metro Area equates to about $20,000 per year). This group is at increased risk of homelessness and is subject to greater family instability, lower educational scores, higher criminal rates and higher incidence of preventable health problems.
  • According to the U.S. Department of Housing & Urban Development, housing is considered unaffordable if it costs more than 30% of a family’s income.
  • There are more than 3,000 Richmond residents on Richmond Redevelopment Housing Authority’s waiting list for housing, without enough affordable housing to accommodate these citizens, they are at greater risk for homelessness.
  • Richmond is number one on the list of cities in the country with a growing shortage of available, affordable housing with a decrease of 21% from 2012 to 2013. The average shortage increase across the country was 8.4%.

Our Progress:

  • City Council approved a portion of the funds from the expiring real estate abatement program as one of the sources for the AHTF!
  • In 2015 and 2016 the Richmond City invested 2.2 million dollars in the Affordable Housing Trust Fund. $78 million in additional private and public funding was contributed to create over $80 million dollars in affordable housing developments and services! 
  • Because of our efforts 1,100 families, senior citizens, and formerly homeless individuals have access to safe, affordable housing in Richmond City.
  • The AHTF has created 773 jobs and $50 million in economic activity in the City of Richmond 
  •  The Affordable Housing Oversight Board is meeting monthly to find the best way to spend the Trust Fund money in our community!

What We Are Still Fighting For:

  • Currently the dedicated revenue the city has committed is “up to $1 million per year” (which could mean 1 million or almost nothing). We need call on City Council to change that to “AT LEAST $1 million” per year. For the AHTF to begin to make a real difference, we need an investment of at least $3 million per year.

*Statistics provided by HUD, Southern Environmental Law Center, National Low Income Housing Coalition& City of Richmond Housing Study and budget.

 

Go to top