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To amend City Code ?? 16-51, concerning the creation of the Affordable Housing Trust Fund, 16-52, concerning definitions for the Affordable Housing Trust Fund, 16-53, concerning the purpose of the Affordable Housing Trust Fund, 16-80, concerning the creation of the Affordable Housing Trust Fund Oversight Board, 16-81, concerning the composition, appointment, and terms of office for the Affordable Housing Trust Fund Oversight Board, 16-82, concerning the prohibition on award of grants or loans where Affordable Housing Trust Fund Oversight Board members are involved, 16-83, concerning the duties of the Affordable Housing Trust Fund Oversight Board, 16-84, concerning the conduct of affairs for the Affordable Housing Trust Fund Oversight Board, 16-112, concerning program administration for the Affordable Housing Trust Fund, 16-113, concerning the general administration of the Affordable Housing Trust Fund, and 16-114, concerning regulations for the administration of the Affordable Housing Trust Fund, for the purpose of modifying the operations and administration of the Affordable Housing Trust Fund.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 16-51, 16-52, 16-53, 16-80, 16-81, 16-82, 16-83, 16-84, 16-112, 16-113, and 16-114, of the Code of the City of Richmond (2020) be and hereby are amended as follows:
Sec. 16-51. Created.
There shall be created a fund identified as the Affordable Housing Trust Fund. The fund shall be funded through annual appropriations made by the City Council and such other sources of revenue as the Council may appropriate thereto from time to time. The purpose of the fund shall be to aid in meeting the needs of low and moderate income households in the [City] city by providing loans and grants to for-profit and nonprofit housing developers and organizations for the acquisition, capital and other related costs necessary for the creation and preservation of affordable rental and owner-occupied housing in th...
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