Richmond Development Corporation (RDC) is an investment affiliate and wholly-owned subsidiary of RRHA. Its purpose is to secure funding to advance regional solutions to affordable housing, economic development, and job creation.
A Driving Force
The challenges of redevelopment are complex and spread beyond any single locality or organization. To reach solutions, we must bring stakeholders to the table. By joining existing efforts and supplementing them with new relationships and funding, RDC can act as a driving force for more quickly reaching RRHA’s key goals:
- Supply a larger stock of quality affordable housing
- Create more pathways, and more support, for residents to become home-owners
- Transform public housing in favor of mixed-income neighborhoods
RDC’s approach accelerates our joint efforts, allowing us to transform public housing on a larger scale.
New Investments, Established Strategy
RDC will secure additional investment in RRHA initiatives and form new public-private development partnerships. For instance, RDC will use Housing Revenue Bonds to access private capital markets, including Wall Street.
In terms of strategy, RDC is adopting the existing and well-known “Regional Housing Framework.” This framework from the Partnership for Housing Affordability provides robust data as part of a strategic plan to advance regional solutions.
RDC is a powerful instrument for RRHA in its mission to accelerate the positive transformation of our communities. Like all that we do, its ultimate purpose is to support and empower our residents.Steven B. Nesmith, RRHA CEO
At the Richmond Development Corporation’s launch event in February 2023, key stakeholders came together to celebrate our shared goal to advance affordable housing and economic development solutions.