Bill > SB296

This bill aims to increase local authority over affordable housing in counties that have adopted a county manager plan of government, such as Arlington County. It proposes to allow these counties to potentially increase the cash developers must contribute to the county's affordable housing fund when they opt out of providing affordable dwelling units, which are homes designated as affordable for households earning 60% of the area median income for 30 years. The bill also introduces the possibility of requiring affordable housing contributions for special exception applications that involve changing an existing building's use from commercial to residential, especially if the project involves increased density. Furthermore, it updates the formulas for calculating these cash contributions, indexing them to the Consumer Price Index for Housing in the Washington-Arlington-Alexandria Metropolitan Statistical Area (MSA) and establishing new minimum and maximum dollar amounts per square foot for different density tiers. Before amending zoning ordinances related to these cash contributions, counties must appoint an advisory board composed of representatives from the real estate development industry, the local housing commission, and the local planning commission. Importantly, the provisions of this bill will not take effect unless reenacted by the General Assembly in 2027.

Government Affairs

https://lis.virginia.gov/bill-details/20261/SB296