The City of Richmond, Virginia, has announced a five-year, $50 million commitment from Local Initiatives Support Corporation (LISC) to help address the city’s affordable housing crisis.

Earlier this year, the city government declared a housing crisis. The LISC funding matches the city’s $50 million allocation for a total investment of $100 million and will support capacity-building efforts that include establishing a housing development training institute to accelerate affordable housing construction and creating a rehabilitation and construction loan program directed at small building developers and owners of rental properties.

“In order to truly address the housing crisis head on, we must work together and collaborate with community partners,” said Richmond mayor Levar Stoney. “This is what it means to be innovative and solutions-oriented as an administration and community.”

“When we invest in affordable housing, we invest in the future of Richmond and its residents,” said LISC president Denise Scott. “This fund will help accelerate the speed and scale of housing development, with a ripple effect that positively impacts jobs, health, safety, and other key components of opportunity and growth.”

(Photo credit: Wikimedia/Bruce Emmerling)