Affordable Housing as part of Navy Hill
In addition to the 2,500 market-rate homes in the Navy Hill neighborhood, the project includes 680 affordable housing units, representing the largest public-private commitment to affordable housing in the city’s history. Of the affordable homes, 280 would be built within the 10-block neighborhood and would be funded by the developers without any taxpayer subsidy or private philanthropy.
Richmond’s Better Housing Coalition plans to build 200 additional homes for modest income families. And an additional 200 affordable homes within the city will be constructed with revenue generated from the special tax district that will help finance the arena construction.
“The Navy Hill development will accelerate efforts to create diverse communities where all of our neighbors can thrive, and we are excited to lend our support to such an inclusive, thoughtfully designed project,” said Greta J. Harris, President and CEO of the Better Housing Coalition. “We believe Navy Hill is fundamentally different to prior economic development initiatives in Richmond because of its focus to bring meaningful community benefits to all citizens.”
Major philanthropic donors are supporting the Better Housing Coalition partnership. The Community Foundation for a greater Richmond has committed $5 million, the largest financial contribution in the non-profit’s history.
“The Community Foundation is proud to support the Navy Hill project because it aligns with our mission of making our region a better place,” said Sherrie Brach Armstrong, President and CEO of The Community Foundation. “We believe that Navy Hill represents a profound way for us to transform the community and make significant progress toward a number of important community needs: housing, schools, jobs, and more.”
Union Bank & Trust has been named a Founding Partner of the Better Housing Coalition partnership, with a $1 million contribution to affordable housing.
“As Virginia’s only statewide independent bank, we are always seeking ways to fulfill our purpose of enriching the lives of the people and the communities we serve, and our investment in the Navy Hill development is a symbol of our commitment to improve and enhance the places where we all live, work, and play,” said John C. Asbury, CEO of Richmond-headquartered Union Bank & Trust. “We are proud to lend our support to the creation of inclusive housing that ensures citizens of many income levels have a safe, affordable place to call home in downtown Richmond.”