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News & Event

$5 million grant will expand affordable housing in Richmond

The Community Foundation is proud to partner with Better Housing Coalition to bring new affordable housing units to downtown Richmond as part of the proposed Navy Hill project. On November 1, Mayor Levar Stoney described the project to transform a 10-block area north of Broad Street as the "largest economic development project in our City's history," as well as the largest empowerment project for residents. In addition to modernizing several entertainment venues and city streets to create a thriving, walkable community, the project also calls for a significant increase in affordable housing units and jobs. It will also expand the City's tax base and generate new revenues that will be used to improve schools and enhance critical public services.

We are excited to be part of an effort to bring new vitality and opportunity to residents of our City. The Community Foundation's $5 million lead gift to Better Housing Coalition - the largest single grant ever awarded - helps exceed the original expectation that 10% of all new residences will be affordable. The core development will include 280 affordable rental units as part of the core development, while Better Housing will construct an additional 200 to 220 units within the surrounding downtown area.

What is Navy Hill?

In the early 1900’s, Navy Hill was a thriving African American neighborhood in and around 4th and Jackson Streets. It was later torn apart by the construction of Interstate 95 and the Richmond Coliseum. Today, the Navy Hill project aims to  redevelop the neighborhood by adding new residences, new jobs, a state-of-the-art transportation center and more. 

> Learn more at navyhillrva.com 

Why is the Community Foundation invested in affordable housing?

We believe that affordable housing, quality public education, and living wage jobs are fundamental to economic stability and family success across generations. Not only will our $5 million investment begin to create much-needed affordable housing units, but it also will create opportunities for individuals and families to participate in and contribute to the incredible transformation underway in our City, with ripple effects for our entire region. We also believe that when a community is thriving and connected, it also will yield deeper investment in our schools and young people.

Throughout our history, local donors have come together to build a community endowment so that resources would be available when opportunities like this emerge. There is currently a high level of collaboration among government, business and the philanthropic sector partners that helps builds credibility and confidence in this project. We believe this is the right time to put our resources to work, allowing Better Housing Coalition to develop and steward affordable housing that will transform lives across generations.

> See how this builds on our previously announced grant of $1 million to the Maggie Walker Community Land Trust.

What’s next?

The full project details will be submitted to Richmond City Council and, and after careful consideration, they will hold a vote whether to approve the deal. As more details become available, we will share them with you.



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