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Homestead
Law The purpose of Richmond's Homestead Law is to allow people or businesses to purchase properties that have been appropriated by the City of Richmond because they have been abandoned or neglected. The purchase price for these properties is $1.00. The
law provides additional tax revenues for the city, encourages
the private sector to undertake neighborhood renovations, creates
jobs for local contractors who renovate the houses to resell or
rent, provides home ownership to those willing to undertake a
renovation with sweat equity, and promotes the preservation of
architecturally and historically significant houses. Historic
Richmond Foundation played an important role in facilitating this
law. Department
of Historic Resources
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