Richmond CARES™ - Community Action to Restore Equity and Stability - is a program of the City of Richmond that seeks to restore economic and social stability to the community. 


With the permission of the City and the homeowner CARES buys mortgages – the loans, not the homes – and reduces the amount owed by the homeowner to less than the value of the home. This “principal reduction” prevents foreclosures that harm the community.  There is no cost to the homeowner or the City. 


Foreclosures harm neighbors and communities. Richmond has suffered mightily from the housing crisis and unfortunately it is far from over. It is still the case today, that more than half of all homes Richmond with mortgages are underwater. Many of these underwater homeowners are in foreclosures that CARES can prevent.  

Richmond is taking ACTION

The City has decided that it is going to take action to prevent the harm to the community caused by foreclosures. “Principal reduction” will prevent foreclosures. After years of waiting on the banks to offer up a more comprehensive fix, or the federal government to make them, we’re stepping into the void and making it happen ourselves.


If you are a Richmond homeowner and want to know if you are in the program, click here

For news and updates from city officials, click here 

Press inquiries, click here