Design and Construction Report staff writer
The Fiscal Year 2027 (FY27) budget for Richmond Virginia includes funding for housing, public infrastructure, schools and neighborhood revitalization, as well as economic development projects across the city.
The plan focuses on strengthening city operations, expanding affordable housing, supporting public schools and family services, and creating opportunities for local businesses while maintaining fiscal discipline.
There will be more than $40 million for housing and neighborhood improvements, including:
- $11.7 million for the Affordable Housing Trust Fund
- $1.8 million in Affordable Housing Performance Grants
- $1.6 million for the next phase of the Creighton Court redevelopment
- $450,000 for Gilpin Court transformation
- $10.1 million in anti-displacement programs, including eviction diversion and Right to Counsel services
- $15.6 million for renovations and safety improvements at the John Marshall Courthouse
“These funds support both new housing production and the renovation of key public facilities, creating opportunities for contractors and construction teams across the city,” said Mayor Danny Avula.
Nearly $266 million is earmarked for Richmond Public Schools and family services, including $9.3 million for immediate capital maintenance and critical facility upgrades. Additional funding targets childcare programs, after-school activities, youth services, and gun violence prevention initiatives, creating further demand for construction and renovation projects in school facilities and community centers.
The “thriving economies” pillar includes $5.3 million in programs to support small businesses, neighborhood commercial districts, and development projects:
- $4.9 million in Economic Performance Grants for job-creating developments
- $250,000 for façade improvements for neighborhood businesses
- $125,000 to establish a Carytown Business Improvement District
“These investments are expected to drive construction activity in commercial and residential sectors while strengthening the city’s economic corridors,” the mayor stated, emphasizes the budget balances immediate infrastructure needs with long-term growth strategies as Richmond approaches its 250th anniversary.
The proposal now moves to Richmond City Council for review and approval.
