The Richmond-based nonprofit Better Housing Coalition (BHC) announced Monday it has received the largest corporate gift in its 33-year history — a $3 million gift from Henrico County-based Fortune 500 tobacco product manufacturer Altria Group Inc.
BHC plans to use the donation to develop more affordable housing in the greater Richmond region. It will also leverage the investment by raising a capital pool of at least $10 million to provide gap financing for affordable housing and to underwrite BHC support services and other organizational functions.
“Housing alone does not solve systemic racism, but it offers a foundation for families to experience security, stability and hope for a brighter future,” BHC President and CEO Greta J. Harris said in a statement. “This is a significant undertaking and we are most grateful for Altria’s investment in our work and commitment to transforming our region.”
