Council expedites and approves RRHA application for up to $20M in multifamily housing bonds

The City Council voted to expedite and adopt Resolution 20-26-R030, which approves the issuance by the Richmond Redevelopment and Housing Authority (RRHA) of multifamily housing revenue bonds of up to $20,000,000 for an approximately 126-unit affordable housing project (55 existing units to be renovated and roughly 70 new units). RRHA and bond counsel told council that additional state bond volume cap was temporarily available and that advancing the project quickly improved its competitive position for allocation of tax-exempt bond volume cap.

RRHA staff said the project combines rehabilitation of existing units with new construction to create one- and two-bedroom affordable apartments. Bond counsel explained the volume-cap competition across the Commonwealth and why expedited consideration was requested. A few members expressed reservations about expedited timing and abstained from the final vote, but the resolution passed. Council asked staff to ensure public hearing requirements were observed and to provide additional details to concerned members.