Direct staff to prepare social impact bonds for housing rehabilitation program
In Plain English
The Richmond Community Foundation runs a program that helps homeowners repair their houses. The city wants to explore using social impact bonds to fund this program. Social impact bonds let private investors pay upfront costs and get repaid only if the program succeeds. If approved, staff begins working with the foundation to set up this funding structure.
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Votes
Motion · Official minutes
Bring the issue back to the City Council before vacant properties are included in the Richmond Community Foundation's Housing Rehabilitation Program
6 aye · 0 nay · 1 abstain
Why This Vote Matters
The council voted to require city approval before the Richmond Community Foundation's housing repair program can expand to include vacant properties. Currently, the foundation helps homeowners fix their houses, and the city is exploring having private investors fund this work through social impact bonds—where investors only get paid back if the program succeeds. The motion passed with broad support, with six members voting yes and Councilmember Boozé abstaining. This decision gives the council oversight over any expansion of the program to vacant properties, which could involve different risks and costs than the current homeowner-focused repairs.
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