The Richmond Affordable Housing Strategy specifics the primary use of affordable housing reserve funds for subsidized rental housing means that rental housing is affordable to low-income families. The proposed amendment to the Strategy includes provisions for a Council-approved affordable housing special development circumstance to support opportunities to leverage funding, partnerships, and delivery of affordable housing and community supports for specific tenant populations. A  major assumption of the Strategy is that effective affordable housing solutions are the result of long-term, stable policies and strategic innovations that enable an expanded range of options along with key points of the housing continuum. It is the City’s preferred approach to disburse affordable housing units throughout development to support mixed-income, inclusive communities to emerge.

The Affordable Housing Special Development Circumstance criteria, requirements, and key elements outlined in the report will provide a sound framework to support socially innovative, multi-stakeholder partnerships to address critical affordable housing, community and long-tenn sustainability goals (Le. financial, social, community and environment).