RICHMOND, Va. — Richmond Redevelopment and Housing Authority’s Board of Commissioners will vote Wednesday night on moving Gilpin Court to be under the leadership of Richmond Development Corporation (RDC).
According to RRHA CEO Steven Nesmith, RDC is a wholly owned subsidiary of RRHA, meaning it is still controlled by the Authority.
“The Richmond Development Corporation, the RDC, is not a private company. It is a 501c3,” Nesmith explained. “It is used by all, most of the public housing authorities in the Commonwealth of Virginia for what it’s a developmental arm to advance development. And so it is a very common practice and is used.”
Nesmith said there’s a reason why he’s pushing for this change now: different funding streams under the nonprofit’s name…