RICHMOND, Va. — The Richmond City Council has approved a $31 million affordable housing project designed to support young adults experiencing housing instability, including those transitioning out of the foster care system. The decision was made during a meeting on Monday, March 24, where council members advanced plans for the development of an 80-unit affordable housing complex located at 809 Oliver Hill Way.
The six-story building will be dedicated to providing stable housing for families earning between 40% and 60% of the Area Median Income (AMI). According to council documents, the complex will be divided into three categories of affordability: 40 units will be allocated for residents earning 60% of AMI, 25 units for those earning 50%, and 15 units for those earning 40%.
In addition to residential units, the development will feature parking facilities across two floors, with a total of 114 spaces, including 19 accessible spots for individuals with disabilities. A bike rack capable of holding 20 bikes will also be included, along with an on-site leasing office to manage operations.
The project is being described by city officials as “one-of-a-kind,” offering residential support services that will be tailored to the specific needs of its residents. These services will be determined based on the unique requirements of the tenants living in the complex.
Funding for the development will come from a combination of tax credit investments, the National Housing Trust Fund (NHTF), and various state and local financial tools. The total estimated cost of the project is $31 million, with the next step being a grant agreement to secure the necessary funding.
City officials have emphasized the significance of the project, noting that it will play a crucial role in addressing the housing needs of vulnerable young adults in the Richmond area. With plans now moving forward, the project is expected to provide much-needed housing stability to individuals facing uncertain futures.
