Blighted Richmond buildings set for major rehab

Richmond blighted properites could get rehabbed through social impact bonds.
This Richmond home was recently targeted for renovation because it contributed to neighborhood blight. A new strategy being pitched by a local attorney could address vacant properties such as this.
The location of the home chosen for renovations using federal funding.
The location of the home chosen for renovations using federal funding.

Buildings that have reportedly been sources of blight in Richmond neighborhoods might soon get facelifts.

On Tuesday, City Council is scheduled to vote on a proposal to spend $86,795 for an extensive renovation on the single-family house at 127 South 27th St., and also $424,215 to spiff up a vacant foreclosed four-plex at 411-423 South 23rd St.

The 23rd Street property, built in 1943, has been abandoned for several years and is infested with “major” fungus and beetles, and will need a new roof, according to city documents.

The 27th Street property, built in 1990, has been vacant since 2011 and was similarly acquired by the city of Richmond for the purpose of rehabilitation.

The city intends to sell or rent the properties to qualified low-income families.

The funds used for the renovations would come from a $1.4 million federal neighborhood stabilization grant that Richmond received in 2012. According to city documents, the grant is being used to “acquire, rehabilitate, sell or rent up to 15 units of foreclosed or abandoned housing.”

Turner Group Construction, a local Richmond business, is the general contractor tapped to complete the renovations.

The project would also offer construction training opportunities for participants of RichmondBUILD, a program aiming to pave a jobs path for low-income residents.