Discuss plan to prevent vacant properties from becoming loan collateral
In Plain English
Some Richmond properties sit vacant for years because owners use them as collateral for large loans, making the buildings economically useless. The city wants to develop a plan to stop this from happening to more properties. If approved, staff creates intervention strategies to keep buildings active and productive.
Auto-generated summary. Source: official agenda documents.
Votes
Forward this matter to staff for further research
FailedGet a legal opinion from the city attorney to determine if it is possible for the City of Richmond to participate in developing a private equity real estate fund to look at high-risk properties in Richmond
PassedSimilar Discussions
5 related items found by meaning
Create program to fix up blighted and vacant houses
Review inventory of 434 city-owned properties for potential sale or development
Adopt policy for selling city land to create affordable housing
Direct staff to continue Richmond CARES housing program negotiations
Declare policy to maximize economic benefit from underused Port of Richmond land
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