RICHMOND, Va. — With just 49 days left in his administration, Richmond Mayor Levar Stoney thanked the City Council for passing what he called key relief measures for city renters and property owners. The council approved a package of bills designed to reduce housing costs for residents.
Two key measures — a Gap Grant and Richmond Freeze — provide relief for renters and homeowners based on income.
These initiatives aim to help those struggling with the rising costs of housing in the city.
While the council debated but did not pass a proposal to lower the real estate tax rate from $1.20 to $1.16 per $100 of assessed value, it did approve a one-time, four-cent rebate for property owners.
Stoney pointed out the average home assessment in the city has topped $366,000. The rebate on that home would amount to $146.48.
“These targeted proposals are how we provide fiscally responsible relief to those who need it the most, and an across-the-board one-time rebate for all Richmond property owners as well," Stoney said. "It goes without saying we want Richmonders to stay in Richmond."
FULL VIDEO: Mayor Stoney provides Richmond update
Stoney also emphasized the importance of reviewing the city’s zoning laws to identify parcels of land that could be converted into affordable housing as part of broader efforts to address the housing crisis.
"The average rent here in Richmond is now roughly $1,500 per month," Stoney said. "According to the 2023 American Community Survey, over a quarter of Richmond renters, or approximately 43,000 renters, are spending more than half of their income on housing. Nearly twice that are spending 30% of their annual income on rent."
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