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To express the City Council’s support for the General Assembly’s removal of the statutory maximum applicable to local employee homeownership grants; to encourage the Administration to reevaluate the City’s Employee First-Time Homebuyer’s Assistance Program, including the maximum amount of assistance available; and to express the Council’s interest in establishing a sustainable, long-term employee homeownership assistance program.
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WHEREAS, by Ordinance No. 2023-257, adopted October 10, 2023, the City established the Employee First-Time Homebuyer’s Assistance Program to provide down payment and closing cost assistance to eligible employees purchasing a primary residence within the city of Richmond; and
WHEREAS, the program currently provides eligible employees with up to $25,000 in financial assistance and has been identified as a tool to support employee recruitment, retention, homeownership, and economic mobility; and
WHEREAS, the program was initially supported with approximately $1.3 million in American Rescue Plan Act funds, which are available through December 31, 2026; and
WHEREAS, as of August 2026, approximately $983,368 of the original allocation remained unspent, and the City has undertaken efforts to increase participation in the program, including expanding eligibility to employees of the School Board of the City of Richmond through Ordinance No. 2026-055, adopted March 23, 2026; and
WHEREAS, section 15.2-958.2 of the Code of Virginia (1950), as amended, previously limited individual and lifetime cumulative grants under local employee homeownership programs to $25,000; and
WHEREAS, the General Assembly amended section 15.2-958.2 of the Code of Virginia (1950), as amended, to remove such limitation, thereby providing localities greater flexibility in determining the amount of employee homeownership assistance provided; and
WHEREAS, the Council believes that the change in state law and the approaching expiration of the program’s current fundi...
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