Fostering Economically and Socially Integrated Communities Through Affordable Housing
Richmond, Virginia is facing a shortage of housing affordable to the city’s low- and very low-income residents, including many people of color who are twice as likely as white residents to live in poverty. As housing instability deepens, gaps in the health, wealth, and well-being of individuals and families continue to widen. To help reduce these health and economic disparities, the Connect Capital team is working to accelerate the development of housing affordable to individuals and families earning <60% Area Median Income (AMI) and 61%-80% AMI. The Richmond Connect Capital team intends to develop frameworks and systems to increase housing production and preservation through the following approaches:
- Expanded Pipeline of Projects and Investments
- Education of Philanthropic and Corporate Partners
- Attracting Capital from a Wider Pool of Investor Types
- Exploration of Regional Strategies
- Anchor Institution Engagement
The Richmond-based Connect Capital team is working to dramatically increase the rate of development and preservation of housing affordable to residents living in poverty. In doing so, the team seeks to encourage more socially and economically integrated neighborhoods, schools, workplaces and networks and also develop a model for creating affordable housing that encourages improved health and increased access to opportunity.
The Richmond Connect Capital travel team consists of staff from a health conversion foundation, the city’s health department, both nonprofit and for-profit developers, and a Community Development Financial Institution. The larger home team includes representation from multiple anchor and financial institutions.