VA HB 408

Quick answers

Description

Enterprise Zone Housing Availability Grant Program. Establishes the Enterprise Zone Housing Availability Grant Program. The bill provides that, to be eligible to receive a grant under the Program, a qualified zone developer, as defined by the bill, must rent or sell, subject to certain affordability restrictions, any residential property for which costs were incurred to construct, expand, or rehabilitate such property to a household that earns 80 percent or more of the area median income (AMI) of the locality in which the property is located, but less than 120 percent of such AMI. The bill further requires that such affordability restrictions remain in force for 10 years following the original execution of the lease or deed of sale for the property for which such costs were incurred. The bill authorizes grant awards based on a percentage of costs incurred to construct, expand, or rehabilitate the property. The bill directs the Board of Housing and Community Development to determine guidelines for the allocation of grants awarded, which must include a process for (i) certifying the income of the households renting or purchasing the residential property and (ii) monitoring compliance with ongoing affordability restrictions.