Affordable Housing Trust Fund

The City of Richmond’s Affordable Housing Trust Fund (AHTF) supports the creation, preservation, and rehabilitation of affordable housing for low- and moderate-income households within the city. Established in 2004, the AHTF provides loans and financial resources to nonprofit and for-profit developers, Community Housing Development Organizations (CHDOs), and Community-Based Development Organizations (CBDOs) whose projects address the city’s housing goals and serve residents earning between 0% and 120% of the area median income. AHTF funds may be used for new construction, substantial rehabilitation, or adaptive reuse of properties for affordable housing. The fund offers four types of below-market-rate loans: gap financing, bridge financing, pre-development cost financing, and strategic initiatives funding. All projects must incorporate universal design, energy efficiency features, and leverage other sources of capital. A minimum 15-year affordability period is required for rental projects. Eligible applicants must be single-purpose entities authorized to conduct business in Virginia and registered with the City of Richmond. Site control must be established in the name of the applicant. Applicants are required to submit a completed Excel application along with supporting documentation, including project design plans, financial statements, development schedules, zoning approvals, and evidence of funding commitments. The program includes a multi-stage review process: threshold review, scoring, underwriting, funding commitment, legal closing, construction monitoring, and ongoing compliance reporting. Projects are scored based on readiness, proximity to public transit and grocery/pharmacy services, income targeting, sustainability features, developer experience, and alignment with city priorities. Applications that fail to meet threshold requirements or submit incomplete documentation are ineligible. The 2025 application window is currently open. Applicants must request a submission link from HCD, upload required documentation, and notify the city once submitted. Award decisions follow underwriting and availability of funds, with preference given to high-impact projects. Funded projects will be monitored throughout construction and must provide quarterly and final reports, as well as annual affordability certifications. For additional guidance or to schedule a consultation, applicants may contact Jaynell Pittman-Shaw at Jaynell.Pittman-Shaw@rva.gov. Language assistance is available through the Office of Multicultural Affairs.

Submit all materials as separate, labeled files; request submission link early; incomplete applications are disqualified; include site control in applicant's name.