Affordable Housing Trust Fund

City of Richmond Affordable Housing Trust Fund

 

The City of Richmond is committed to improving neighborhoods and the lives of the people who live in them. Safe, decent and affordable housing for low and moderate income households is fundamental to the City's vision of a vibrant and inclusive community and to the City's overall economic development goals. The primary purpose of the Affordable Housing Trust Fund (AHTF) is to provide financial resources to address the affordable housing needs of individuals and families who live or work in the City by promoting, preserving and producing quality long term affordable housing; providing housing related services to low and moderate Income Households; and providing support for non-profit and for profit organizations that actively address the Affordable Housing needs of low and moderate Income households.

The AHTF is intended to provide flexible local funding that complements other funding for housing related activities and provides gap financing to move challenging projects forward. In this regard, the Fund will leverage other public, private and philanthropic funding. The AHTF is not intended to replace locally allocated federal program funds

In 2004, the City of Richmond established the AHTF as part of strategy to work with the nonprofit and for profit development community in accessing and producing much needed long term affordable housing for (low to moderate income) residents of the City. The AHTF accesses a variety of funds for affordable housing support services and production. Nonprofit and for-profit residential developers can leverage AHTF funds with other private and public affordable housing financing sources to facilitate affordable housing counseling services and production in the City of Richmond.

Affordable Housing Trust Fund Oversight Board Richmond's system of boards and commissions provides a way for residents who have special experience or interests to participate in the City's decision-making process by advising the Mayor and City Council on numerous issues. Appointed by the Mayor and City Council, the Affordable Housing Trust Fund Oversight Board (Board) consists of ten (10) members. The Board reviews regulations, program policies and operational procedures as proposed by the Chief Administrative Officer or designee. 

The Affordable Housing Trust Fund Impact Report for 2015-2016 can be accessed in the Quick Links box. At this time, the City is not accepting applications to the Fund.

 

 

 

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City of Richmond
Economic & Community Development

Main Street Station
1500 East Main Street, Suite 400

Richmond, VA 23219
804.646.5633