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To amend City Code § 2-1526, concerning the employee first-time homebuyer’s assistance program, for the purpose of expanding eligibility to certain owners of deed-restricted or limited-equity homes purchasing their first unrestricted market-rate residence and renaming the program the employee homebuyer’s assistance program.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That section 2-1526 of the Code of the City of Richmond (2026) be and is hereby amended and reordained as follows:
Sec. 2-1526. Employee [First-Time] Homebuyer's Assistance program.
Subject to the appropriation of funds by the City Council, the Chief Administrative Officer may establish a program to provide financial incentives in the form of down payment assistance and closing costs assistance to City employees and employees of the School Board of the City of Richmond who are [first-time]:
(1) First-time homebuyers [to purchase] purchasing their primary residence within the corporate City limits[. Neither individual grants nor lifetime cumulative grants shall exceed the maximum amounts per employee specified in Code of Virginia, § 15.2-958.2.]; or
(2) Limited-equity homeowners purchasing their first unrestricted market-rate residence as their primary residence within the corporate City limits.
For purposes of this section, “limited-equity homeowner” means a person who currently holds or previously held an ownership interest in a residential property subject to a legally enforceable restriction that limits the resale price, appreciation, or amount of equity that may be realized by the owner, including a community land trust ground lease, affordability deed restriction, restrictive covenant, or other substantially similar instrument, and who has not previously held an ownership interest in an unrestricted market-rate residence.
For purposes of this section, “unrestricted market-rate residence” means a residential property that is not subject to a legally enforceable restriction limiting the...
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