New Properties on the Map for Nonprofits
Under a change in state law last month, Richmond nonprofits now have easier access to a new pool of hundreds of properties around the city of Richmond for potential acquisition and renovation.
A bill was signed into law last month that allows Richmond, as well as five other cities in Virginia, to sell excessively tax-delinquent, vacant properties valued up to $100,000 directly to nonprofits that will use them to create low-income housing.
The previous rules limited the value of such properties to $50,000 and allowed them to be sold to anyone. The new law also reduces the amount of a property’s tax delinquency as a percentage of its total value required by for a sale by the city.
There are already about 200 properties in Richmond – mostly houses – that meet the law’s new provisions, said Dan Cohen, a senior project manager for the city.