RICHMOND, Va. (WRIC) -- The Richmond City Council has greenlit a $31 million affordable housing development that, upon its completion, will reportedly aim its services toward young adults experiencing housing instability. During a scheduled meeting on Monday, March 24, city council members approved measures advancing plans to build an 80-unit affordable housing complex at 809 Oliver Hill Way. According to documents provided by city council, this "one-of-a-kind" development "will target young adults experiencing housing instability, in transition and those exiting the foster care system." The six-story complex will house families who earn between 40% and 60% of the Area Median Income (AMI). A total of 40 units will be for those who earn 60%, 25 for those who earn 50% and 15 for those who earn 40%, per council documents. Two of the complex's six floors will be dedicated to parking, with 114 spaces planned -- 19 of which are accessible to those with disabilities. According to council documents, there will also be a bike rack that can hold 20 bikes, as well as an on-site leasing office. Youngkin signs bill giving wrongfully incarcerated Richmond man at least $2.7 million There will also be "residential support services" available, which will be determined "based on the needs of the tenants and residents within the development," per council documents. The estimated cost of this development is $31 million. According to city council, it will be funded through tax credit investments, the National Housing Trust Fund (NHTF) and "other state and local financial tools." The next step in this process is for the city to enter a grant agreement securing funding for the development. ...read more read less