City to Highlight Economic Development & Housing Revolving Loan Fund Program

The City’s Department of Economic and Community Development invites developers to learn more about the $20 million Economic Development and Housing Revolving Loan Fund Program in the city of Richmond on Tuesday, July 30 at 8 a.m. on the 2nd floor of Main Street Station, 1500 East Main Street.

Funding for this loan program is being provided as gap financing for eligible projects, through the U.S. Housing and Urban Development’s Section 108, to assist with economic and community development activities in the city of Richmond. The funds have been used to create a business loan pool targeted to special projects to include affordable housing that will have positive economic and community development benefits within targeted neighborhoods. Target neighborhoods include the Arts & Cultural District, Shockoe Bottom, Manchester, Jeff Davis corridor, Brookland Park Boulevard, and the 25th Street - Nine Mile Road corridor. However, the City will be willing to provide business loans to eligible borrowers outside of these targeted areas.

“The revitalization of our city’s neighborhoods is a critical objective of my administration as we work to create jobs, stimulate economic development, develop affordable housing, and mitigate poverty in the city,” said Mayor Dwight C. Jones. “Richmond’s long-term economic viability depends on public and private investment in both the built environment and the development of private enterprise, especially in the most distressed areas.”

The Economic Development & Housing Revolving Loan Fund Program is one of several new programs developed by Mayor Jones’ Administration, following the reorganization and creation of the City’s Department of Economic and Community Development in 2010.

Lee Downey, Director of the City’s Department of Economic and Community Development noted that, “The City will continue its efforts to retain and attract economic enterprises that provide a diverse employment base, improve per capita income for its residents, expand the City’s tax base and fiscal strength, and support a comprehensive approach to economic and community development initiatives.”

Event attendees are asked to RSVP by calling (804) 646-5633. Free parking will be available in the lot to the west side of Main Street Station.