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To amend City Code ? 12-48, concerning disposition of certain real estate tax revenue, for the purpose of requiring additional annual reporting on loans awarded from the Affordable Housing Trust Fund.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 12-48 of the Code of the City of Richmond (2020) be and is hereby amended and reordained as follows:
Sec. 12-48. Disposition of certain real estate tax revenue.
(a) Beginning July 1, 2028, when the City collects or receives real estate taxes levied pursuant to Section 26-355, the Director of Finance shall credit an amount equal to 2.5 percent of the real estate taxes collected or received by the City pursuant to Section 26-355 during the immediately preceding complete fiscal year to the Affordable Housing Trust Fund established in section 16-51. Amounts credited may be disposed of as provided in Section 16-113 and Section 16-114.
(b) The Affordable Housing Trust Fund shall be funded through annual appropriations made by the City Council from the dedicated revenue source established by this section, and as set forth in section 16-51.
(c) The Chief Administrative Officer shall implement the provisions of subsection (a) of this section for funding the Affordable Housing Trust Fund through a transition plan spanning the fiscal years beginning July 1, 2026, and ending June 30, 2027, and beginning July 1, 2027, and ending June 30, 2028. During this period, the City may leverage the Capital Improvement Program resources to provide funds for the Affordable Housing Trust Fund established in section 16-51 in an amount equal to 2.5 percent of the real estate taxes collected or received by the City pursuant to Section 26-355 during the immediately preceding complete fiscal year. The Chief Administrative Officer shall submit annual progress reports to the City Council throughout the transition period.
(d) In the event of a fiscal constraint, material revenue shortfall, or significant budgetary impact, the Chief...
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