Bill
Bill > SB566
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Virginia Workforce Housing Assistance Program; report. Establishes the Virginia Workforce Housing Assistance Program to provide grants to eligible employers, defined in the bill, that set up housing down payment assistance programs for employees in amounts equal to the lesser of 15 percent of housing down payment assistance expenses incurred by an eligible employer during the fiscal year or $25,000. The bill specifies that an eligible employer may only receive grants in the aggregate of up to $150,000 across all fiscal years or $250,000 for housing down payment assistance expenses incurred for employees in certain fiscally stressed localities. The bill requires weighting grants according to the household income of participating employees, as measured against the area median income (AMI) for the locality in which the dwelling is located. Any participating employee shall have an annual household income at or below 120 percent of the AMI for the locality in which the employee's dwelling is located and have never owned or purchased under contract for deed, either individually or jointly, a single-family residence in the Commonwealth or outside of the Commonwealth. The bill has an expiration date of July 1, 2028.
AI Summary
This bill establishes the Virginia Workforce Housing Assistance Program to help eligible employers provide housing down payment assistance to their employees, with the program set to expire on July 1, 2028. An "eligible employer" is defined as a small business that sets up a housing down payment assistance program for its employees, which includes aid for closing costs, fees, down payments, and homeownership education. Grants will be awarded on a first-come, first-served basis, with the amount being the lesser of 15% of the employer's housing down payment assistance expenses or $25,000, and employers can receive a maximum of $150,000 in grants over all fiscal years, or $250,000 if the employees are in fiscally stressed localities. To qualify, employees must have a household income at or below 120% of the Area Median Income (AMI) for their locality and have never owned a home in Virginia or elsewhere. The bill also mandates that grant awards will be weighted based on the household income of participating employees relative to the AMI, and the Department of Housing and Community Development will report annually on the program's effectiveness.
Committee Categories
Housing and Urban Affairs, Justice
Sponsors (1)
Last Action
Passed by indefinitely in General Laws and Technology (10-Y 5-N) (on 01/28/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB566 |
| BillText | https://lis.virginia.gov/bill-details/20261/SB566/text/SB566 |
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