Mission
The Richmond Development Corporation is dedicated to preserving and enhancing the economic vitality, attractiveness, and competitiveness of the City and the region, with a focus on developing affordable housing opportunities.
Vision
To advance affordable housing, economic development and job creation within the City of Richmond and the broader region.
Regional Housing Framework
Richmond Development Corporation has adopted the existing and well-known “Richmond Regional Housing Framework” strategy. The Richmond Regional Housing Framework’s vision is that everyone in the Richmond region will have a stable, healthy, and affordable place to call home. This framework from the Partnership for Housing Affordability provides robust data as part of a strategic plan to advance regional solutions.
Framework Goals
- Goal 1: Increase the supply of affordable rental housing in the region.
- Goal 2: Support racially inclusive wealth creation by increasing homeownership opportunities for moderate and low-income households.
- Goal 3: Ensure that our growing senior population is safely and affordably housed.
- Goal 4: Improve housing quality and ensure better health and safety for residents.
- Goal 5: Expand housing stability and stop displacement.
- Goal 6: Expand housing choices for moderate and low-income households.
Selected Solutions for the City of Richmond
- Solution 1-B: Preserve naturally occurring affordable housing through proactive outreach to owners and incentives to retain affordability.
- Solution 2-A: Support and expand the community land trust homeownership model.
- Solution 3-B: Increase housing rehab, home accessibility and critical home repair assistance programs.
- Solution 4-B: Transform Richmond’s aging public housing communities with resident-oriented rehabilitation and replacement.
- Solution 5-B: Support, monitor and evaluate Richmond’s eviction diversion pilot program.
- Solution 6-B: Implement Small Area Fair Market Rents (SAFMR’s) to expand choices for voucher holders.
A Driving Force
The challenges of redevelopment are complex and spread beyond any single locality or organization. To reach solutions, we must bring stakeholders to the table. By joining existing efforts and supplementing them with new relationships and funding, RDC can act as a driving force for more quickly reaching RRHA’s key goals:
- Supply a larger stock of quality affordable housing
- Create more pathways, and more support, for residents to become home-owners
- Transform public housing in favor of mixed-income neighborhoods
RDC’s approach accelerates our joint efforts, allowing us to transform public housing on a larger scale.
Advancing Affordable Housing and Economic Development
RDC will secure additional investment in RRHA initiatives and form new public-private development partnerships. For instance, RDC will use Housing Revenue Bonds to access private capital markets, including Wall Street.
Potential Activities
RDC may undertake activities such as:
- Provide and develop affordable housing opportunities for low- and moderate-income families
- Increase the portfolio to be able to offer additional affordable housing units for communities in need by providing economic development in economically challenged communities in Richmond and surrounding counties as permitted by law
- Develop, Partner or Co-Develop other housing or market opportunities
- Acquire land, structures as needed for real estate activities or provide guarantees as needed
- Seek and apply for grants to support the mission of RRHA and RDC for low-and moderate-income households
- Seek and administer grants and donations to further the mission of low to moderate income families on self-sufficiency, homeownership or other barriers
- Obtain donations and gifts for emergencies and disaster activity and other charitable activities
- Be able to secure a variety of financial instruments including loans for its initiatives
- Serve as owner/general partner or managing partner in its special purpose entities (SPE) as part of redevelopment activity
RDC is a powerful instrument for RRHA in its mission to accelerate the positive transformation of our communities. Like all that we do, its ultimate purpose is to support and empower our residents.
Steven B. Nesmith, RRHA CEO
Board Composition
- Steven Nesmith, RDC President, and Chair of the Board, RRHA Chief Executive Officer
- Sherrill Hampton, RRHA Senior Vice President of Real Estate and Community Development
- Precious Faust, RDC, Treasurer, RRHA Chief Financial Officer
- Michael Kelly, RDC Secretary, RRHA Chief Operations Officer
- Corey Franklin, RRHA Senior Vice President of Affordable Housing
- Kim Cole, RRHA Chief of Staff
- RRHA Board Member, appointed by Chairman of RRHA’s Board of Commissioners
At the Richmond Development Corporation’s launch event in February 2023, key stakeholders came together to celebrate our shared goal to advance affordable housing and economic development solutions.
