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To request that the Chief Administrative Officer cause the Department of Housing and Community Development, in coordination with other relevant City departments, to conduct a feasibility and potential methods study by which the City may purchase real property within the city of Richmond for the development of affordable housing and to provide the Council with written recommendations for implementing the findings of the study. (As Amended)
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WHEREAS, upon the information and belief of the Council, the city of Richmond continues to experience a shortage of affordable housing units available to residents with low- and moderate-income levels; and
WHEREAS, the acquisition of real property by the City for the purpose of developing or facilitating the development of affordable housing may provide additional opportunities to increase the supply of affordable housing within the city; and
WHEREAS, the Council believes that a comprehensive analysis of the feasibility, fiscal considerations, and operational processes related to the City’s potential acquisition of real property for affordable housing development would assist the Council in determining appropriate policies and strategies to address the City’s housing needs;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That the Council hereby requests the Chief Administrative Officer cause the Department of Housing and Community Development, in coordination with other relevant City Departments, to conduct a feasibility and potential methods study by which the City may purchase real property within the City of Richmond for the purpose of developing affordable housing.
BE IT FURTHER RESOLVED:
That the study should include, but not be limited to, the following considerations:
1. The fiscal impacts and funding mechanisms that may be available to support the acquisition of such real property including the use of bonds and borrowing;
2. Potential partnerships between the City and housing developers, community development organizations, or other entities for the purchase of real property and the development or preservation of affordable housing on such properties; and
3. Partnership with the Economic Development Authority of the City and the use of bonds and borrowing by the Economic Development Authority any additional strategies or policy recommendations that may assist the City in expanding the supply of affordable housing.
BE IT FURTHER RESOLVED:
That the Chief Administrative Officer is hereby requested to submit a written report of the results of the study, including any recommendations for implementation, to the Council [ninety days from the date of adoption of this resolution] by no later than December 31, 2026.