There are 40,000 households in the Richmond metro area that rent, and are making less than 30% of the Area Median Income ($25,000 annually for a family of four). For every 100 of these households, there are only 33 available and affordable units. This puts the need at more than 26,000 units of affordable housing – right now, for just this population making under 30% AMI.
RISC has succeeded in getting the city’s Affordable Housing Trust Fund funded, with yearly allocations since 2015. Last year, we pushed for the greatest allocation to date ($2.9 million) and the funding and establishment of an Eviction Diversion Program. With the second highest eviction rate in the country (click here to read more about our eviction rate), Richmond was in great need of such a program.
However, the problem is enormous - of crisis proportions. What is needed is a significantly greater amount of funding, guaranteed annually, to exponentially increase the housing stock - particularly for those most in-need households making under 30% AMI.
That is why this year, we are asking our city leaders to amend the ordinance and create a yearly dedicated stream of revenue for the trust fund.