LISC Commits $50 Million in Partnership with Richmond, VA to Tackle Affordable Housing Crisis
In a new partnership with the City of Richmond, LISC has committed $50 million to be deployed over the next five years to create affordable housing. The funds will match the city's commitment of $50 million—totaling $100 million—and “will help accelerate the speed and scale of housing development, with a ripple effect that positively impacts jobs, health, safety and other key components of opportunity and growth,” said LISC's president Denise Scott.
Mayor Levar Stoney and City Council Announce Partnership with LISC to Address the Affordable Housing Crisis
LISC commits to investing $50 million to match city’s investment for a total of $100 million in affordable housing over next five years
Richmond, VA – Today at a press conference, Mayor Levar Stoney, members of the Richmond City Council, and representatives from Local Initiatives Support Corporation (LISC) announced that LISC will be partnering with the City of Richmond and matching the city’s investment of $50 million, for a total of $100 million, to tackle the affordable housing crisis in Richmond over the next five years.
By working with interested lenders and philanthropic organizations to generate new funding, LISC committed up to $10M each year for the next five years. In addition to monetary resources, LISC and the City will support organizational capacity-building efforts by establishing a Housing Development Training Institute (HDTI) to build local affordable housing development capacity and offer a new Small Building Loan Program for developers and owners of rental properties with 5 to 49 units to rehabilitate or construct.
Today at City Hall, Mayor Levar Stoney spoke about the importance of addressing the affordable housing crisis, the city’s progress of adding more than 9,000 residential units since 2019, and his work with City Council to invest $50 million in affordable housing and declare a housing crisis earlier this year. LISC President Denise Scott, City Council President Michael Jones, and City Councilwoman Ellen Robertson also gave brief remarks.
“In order to truly address the housing crisis head on, we must work together and collaborate with community partners,” said Mayor Levar Stoney. “We’re thrilled about our partnership with LISC and what it means for the City of Richmond. This is what it means to be innovative and solutions-oriented as an administration and community. Today marks a historic investment in affordable housing and I could not be more excited about what’s to come for our great city.”
"When we invest in affordable housing, we invest in the future of Richmond and its residents,” said Denise Scott, LISC president. “This fund will help accelerate the speed and scale of housing development, with a ripple effect that positively impacts jobs, health, safety and other key components of opportunity and growth. We are excited to partner with city leaders on an effort that supports a good quality of life for local families and a strong economic outlook for the whole of Richmond."
“The complex challenges presented by the affordable housing crisis require bold actions, innovative approaches, and strategic partnerships,” said Jane Ferrara Executive Director of LISC Virginia.” We thank the Mayor, and his team for choosing LISC as a trusted partner. We look forward to working with the city to implement a strategy driven by a vision for a more affordable and inclusive City where people not only want to live, but can afford to thrive.”
“The dollars that we are investing into affordable housing send a clear message to where the City of Richmond’s heart is,” said Council President Michael Jones. “All this begins with a roof. We understand that having a roof over your head points to having a stable living environment for families and children […] Too many Richmond families have fallen through the cracks, by committing 100 million dollars into affordable housing, we are seeking to seal up those cracks and address this problem head on.”
“This is a tremendous partnership between the City of Richmond and LISC,” said Councilwoman Ellen Robertson. “Not one year has gone by that the City of Richmond has not put forth an effort to move the agenda of tackling the affordable housing crisis forward. We will continue to move that agenda farther along than where we are today. Partnering with LISC, we will tackle this issue and help future generations to come.”