title
To request that the Chief Administrative Officer to cause the Department of Planning and Development Review, in coordination with other relevant City departments, to conduct a study of the feasibility of establishing a registration system for non-profit and for-profit housing providers to register housing units reserved for affordable housing tenants and purchasers within the city for the purpose of identifying such units and recognizing affordability restrictions in the valuation of such properties for taxation purposes and to provide the Council with recommendations for implementing such system.
body
WHEREAS, upon the information and belief of Council, the City of Richmond continues to experience a shortage of affordable housing available to residents with low-and moderate-income levels; and
WHEREAS, non-profit and for-profit housing providers play an important role in the development, preservation, and operation of housing units reserved for affordable housing tenants and purchasers within the city; and
WHEREAS, upon the information and belief of Council, housing units that are subject to long-term affordability restrictions may have market values that differ from unrestricted market-rate housing due to limitations on rents, sale prices, or eligible occupants; and
WHEREAS, the Council believes that establishing a registration system for both non-profit and for-profit housing providers that maintain housing units reserved for affordable housing may assist the City in identifying such units and provide relevant information to the City Assessor; and
WHEREAS, the Council further believes that such information may assist in evaluating assessment practices that appropriately recognize affordability restrictions in the valuation of such properties for local taxation purposes;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That the Council hereby requests that the Chief Administrative Officer ...
Click here for full text