Title
To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Grant Agreement between the City of Richmond, 512 Hull Street, LLC, and the Economic Development Authority of the City of Richmond for the purpose of clarifying the affordable housing requirements applicable to the residential development located at 512 Hull Street. (6th District)
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, be and is hereby authorized to execute a First Amendment to Grant Agreement between the City of Richmond, 512 Hull Street, LLC, and the Economic Development Authority of the City of Richmond for the purpose of clarifying the affordable housing requirements applicable to the residential development located at 512 Hull Street. The First Amendment to Grant Agreement shall be approved as to form by the City Attorney and shall be substantially in the form of the document attached to this ordinance.
§ 2. This ordinance shall be in force and effect upon adoption.
DATE: June 4, 2026
TO: The Honorable Members of City Council
THROUGH: RJ Warren, Council Chief of Staff
THROUGH: Will Perkins, Senior Legislative Services Manager
THROUGH: Sophie McGinley, Council Policy Analyst
FROM: The Honorable Ellen Robertson, Councilmember 6th District
RE: To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a First Amendment to Grant Agreement between the City of Richmond, 512 Hull Street, LLC, and the Economic Development Authority of the City of Richmond for the purpose of clarifying the affordable housing requirements applicable to the residential development located at 512 Hull Street, Richmond, Virginia.
CNL-2026-0055
PURPOSE: This ordinance authorizes the Chief Administrative Officer to execute a First Amendment to a previously approved Grant Agreement for the residential development located at 512 Hull Street in order to clarify the affordable housing requirements applicable to the project and establish clear standards for ongoing compliance and administration of the grant program.
BACKGROUND: In September 2024, the City, the Economic Development Authority, and 512 Hull Street, LLC entered into a Grant Agreement supporting the development of a mixed-income residential project at 512 Hull Street. As part of that agreement, the developer committed to maintaining affordable housing units within the project for a minimum of thirty years in exchange for performance-based economic development incentives. During implementation of the agreement, questions arose regarding the interpretation of certain affordability provisions, including how income-restricted units are counted, how average income designations are calculated, and the standards that apply if the project is not financed through Virginia Housing programs. This amendment does not alter the project's affordability commitments or reduce the number of required affordable units. Rather, it clarifies the parties' original intent, establishes consistent compliance standards, and provides administrative certainty for the City, the Economic Development Authority, and the property owner throughout the affordability period
COMMUNITY ENGAGEMENT: The affordable housing requirements addressed by this amendment were originally established through a publicly approved incentive agreement considered by the City Council. This amendment responds to implementation questions identified by City staff, the Economic Development Authority, and the property owner and is intended to ensure transparency, accountability, and long-term compliance with the project's affordability commitments.
STRATEGIC INITIATIVES AND OTHER GOVERNMENTAL: This ordinance supports Richmond 300's "Expand Housing Opportunities" Big Move and the Inclusive Housing goals of the Master Plan by preserving long-term affordable housing units within a growing mixed-use neighborhood. The amendment also advances One Richmond: An Equitable Affordable Housing Plan by ensuring that affordability commitments associated with publicly supported housing developments remain enforceable and clearly administered. In addition, the ordinance aligns with the Mayor's Thriving Neighborhoods initiative, including Goal A ("Build More Homes for More People") and Goal B ("Develop a New Model of Affordable Housing and Strengthen Housing Stability"), by maintaining affordability requirements that increase housing choice and support long-term housing stability for Richmond residents.
FISCAL IMPACT: No additional fiscal impact is anticipated. The amendment does not increase the amount of incentive previously authorized by City Council, create a new financial obligation for the City, or modify the existing grant structure. Any grant payments will continue to be governed by the terms of the underlying Grant Agreement and subject to previously authorized appropriations and performance requirements.
DESIRED EFFECTIVE DATE: Upon adoption
REQUESTED INTRODUCTION DATE: June 22, 2026
CITY COUNCIL PUBLIC HEARING DATE: July 27, 2026
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: Finance and Economic Development Standing Committee
AFFECTED AGENCIES: Office of Chief Administrative Officer,
Department of Housing and Community Development
RELATIONSHIP TO EXISTING ORD. OR RES.: ORD. 2024-195
ATTACHMENTS: N/A
STAFF: Sophie McGinley, Council Policy Analyst (804-646-5826)