Bill > HB196

This bill establishes the Virginia Residential Development Infrastructure Pilot Program to provide financial assistance, in the form of grants and loans, to local governments for expanding or improving public infrastructure necessary to support new residential development, with "project" defined as the construction or installation of public infrastructure like water systems, sewer systems, or transportation infrastructure. The Department of Housing and Community Development (referred to as the "Department") will set guidelines for applications and awards, while the Virginia Resources Authority (referred to as the "Financial Viability Manager") will manage and administer the program, including assessing the financial viability of proposed loans. The bill outlines how the Fund's money can be deposited, invested, and collected, and permits the Authority to make loans that cover the total cost of a project, with terms and interest rates determined by the Authority, which may vary among local governments. The Authority can also pledge or transfer Fund assets as security for bonds issued to finance projects and is authorized to sell loans or related interests. The bill emphasizes a broad interpretation of its provisions to ensure its beneficial purposes are achieved and includes a sunset clause, meaning the program will expire on July 1, 2028.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB196