City says tax exemption program has led to creation or preservation of 300 housing unitsRichmond officials said a program that reduces real estate tax bills for homeowners who rehabilitate their properties to add affordable housing has produced just under 300 affordable and market-rate units over the past five years. Richmond’s Affordable Housing Partial Tax Exemption Program allows the owner of either a single- or multi-family residential property to get a partial tax exemption if they rehabilitate it to house individuals or families making up to 80% of the area median income. Rehabilitations can also include market-rate units as long as at least 30% of them are set aside for households that meet the affordability limits. Over the past five years , four completed projects have produced 52 affordable and 117 market-rate units and have preserved 130 affordable units, according to the city. At that time, the City Council limited the program to those projects that reserved 30% of units for affordable housing.