RICHMOND, Va. (WRIC) — Richmond officials made an announcement about new funding for the city’s affordable housing crisis during a press conference on Tuesday.

The announcement took place at City Hall around 1:30 p.m. on Oct. 31. Mayor Levar Stoney was joined by Richmond City Council members and members of the Local Initiatives Support Corporation (LISC) — a national non-profit community development financial institution — for the announcement.

According to Stoney, LISC will be matching the City’s already committed $50 million over the course of five years to go towards affordable housing. This brings the total amount of funding for the issue to $100 million over the next five years.

In April 2023, the Richmond City Council declared a housing crisis following a proposal by Stoney on March 27, 2023. According to the council’s resolution, there was a shortage of 23,320 housing units for sale or available to rent in Richmond, and one in five homes in Richmond was sold to out-of-state corporate investors.

The full press conference can be watched below: