Affordable Rental Pilot Program Ribbon Cutting
It has been a whirlwind of a week but we are excited to end it with photos from our Affordable Rental Pilot Program ribbon cutting yesterday in Church Hill!
As rental costs in the City of Richmond and across the country have skyrocketed, we saw a distinct need to provide more affordable rental opportunities to local individuals who are working towards achieving their goals of becoming homeowners. Currently, the fair market rent for a three-bedroom apartment in the Richmond metro area is over $1500 a month. For those living on a low or moderate income, that leaves very little money for other necessities, and as you can imagine, the chances of saving money for a downpayment and other future needs is nearly impossible.
We could not have made this Pilot Program possible without the generous support of three incredible donors: The Steven & Katherine Markel Foundation, the REB Foundation, and the City of Richmond’s Affordable Housing Trust Fund.
We will not stop here. Our plan is to continue to grow this program and provide more affordable rental opportunities throughout the Richmond area. In fact, we have plans to build four more rental units in Southside Richmond starting the end of this year!
