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đź“… Today's Story: Henrico County, VA, is using $60 million in new tax revenue from data centers to seed an Affordable Housing Trust Fund, creating a replicable model that links economic growth to long-term housing affordability for moderate-income buyers.
PUBLIC POLICY
Henrico County Turns AI Boom Into Affordable Housing Win |
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📰 What Happened: To address rising housing costs and the impact of rapid data center expansion, Henrico County allocated $60 million in business tax revenue to a housing trust fund. The initiative aims to build 150 homes annually for buyers earning 60–120% of the area median income—without relying on complex federal programs.
🔍 A Closer Look: Henrico’s model combines local funding with smart partnerships and incentives. The Partnership for Housing Affordability administers the fund, channeling grants to developers and land trusts. Fast-track permitting, waived fees, and shared-equity tools ensure affordability while reducing project delays and costs.
🧠Why It Matters: As more communities face pressure from AI-fueled data center development, Henrico’s approach offers a path to reinvest tech revenues into long-term, equitable housing. With federal support, this model could scale nationwide, helping cities meet housing demand without sacrificing sustainability or affordability.
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