Bill > SB490

This bill establishes a two-year pilot program managed by the Department of Housing and Community Development (DHCD) in partnership with the Virginia Housing Development Authority (VHDA) to create and finance mixed-income housing developments. Mixed-income housing refers to developments that include both affordable housing units for low-to-moderate income individuals and families, as well as market-rate units. The program will create a special fund called the Virginia Housing Revolving Loan Fund, which will provide lower-interest loans for the acquisition, construction, or improvement of these mixed-income housing projects and necessary infrastructure. The DHCD will oversee the fund's administration, while the VHDA will handle loan origination and servicing, with associated costs covered by the fund. Both agencies are required to submit annual reports to the General Assembly detailing the program's activities and outcomes, including the number of awards, funding amounts, project financing, and the number of housing units created by income level and rent. The bill also amends existing reporting requirements to include this new program and specifies that the provisions will take effect on January 1, 2027.

Budget and Finance, Housing and Urban Affairs, Justice

https://lis.virginia.gov/bill-details/20261/SB490