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RICHMONDlocal legislationAdopted

New Ordinance for Affordable Housing Funding

Original title: To repeal City Code § 12-46, concerning the disposition of revenues derived from the expiration of partial exemptions from real estate taxation and from certain sales of tax delinquent properties, and to amend ch. 12, art. II, of the City Code by adding therein a new section 12-48, concerning disposition of certain real estate tax revenue, for the purpose of providing for the disposition and evaluation of certain revenues for affordable housing initiatives.

Record date · February 23, 2026

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What This Bill Does

The City Council has adopted an ordinance to change how the city handles specific real estate tax revenues. The new law repeals an existing section of the city code and creates a new section to direct these funds toward affordable housing initiatives.

Why it matters

This ordinance changes the legal destination of tax revenue from expired real estate exemptions and delinquent property sales, mandating that these funds be evaluated and used for affordable housing programs.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

Affordable housing developers and programs

These entities are the intended recipients of the redirected tax revenues for housing initiatives.

Directly affected

City Finance Department

The department must now manage and evaluate the allocation of these specific revenues according to the new code section.

Key Facts

Repeals City Code § 12-46, which previously governed the use of revenue from expired real estate tax exemptions and sales of tax-delinquent properties.
Adds a new section, City Code § 12-48, to the city code.
Establishes a new legal framework for the disposition and evaluation of specific real estate tax revenues.
Directs the use of these specific tax revenues toward affordable housing initiatives.

Show all 6 facts

The ordinance was introduced on February 6, 2026.
The ordinance has been officially adopted.

Frequently Asked Questions

What happens to the money from tax-delinquent property sales now?

Under the new ordinance, these funds are now subject to the provisions of the new City Code § 12-48, which directs them toward affordable housing initiatives.

Does this change my property taxes?

The ordinance changes the disposition of revenue already collected from specific sources (expired exemptions and delinquent property sales), rather than changing the tax rates themselves.

What else do you want to know?

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Full breakdown

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