Housing for local employees; grants for homeownership and workforce housing alternatives.

Plain English Breakdown

The official source material does not specify the exact details on how much more than $25,000 a grant can be or what new limits might apply after this change.

Housing Grants for Local Employees

This bill removes limits on grants given by localities to help employees buy homes or find affordable housing.

What This Bill Does

• Removes the maximum amount of $25,000 that a locality can give as a grant to an employee for buying a home.
• Eliminates the rule that these grants must follow Virginia Housing and Development Authority guidelines on sales prices and income limits.

Who It Names or Affects

• Local government employees
• School board employees
• Employees of constitutional officers

Terms To Know

Virginia Housing and Development Authority

A state agency that sets guidelines for affordable housing.

Constitutional officers

Elected officials who have duties set by the Virginia Constitution, like the governor or attorney general.

Limits and Unknowns

• The bill does not specify how much more than $25,000 a grant can be.
• It is unclear what new limits localities might set for housing grants after this change.

Official Summary Text

Housing for local employees; grants for homeownership and workforce housing alternatives.
Eliminates the maximum amount a locality may provide (i) to employees of the locality, employees of the school board, and employees of constitutional officers for homeownership grants to purchase primary residences in the locality and (ii) to school division personnel for residential housing assistance grants to provide affordable workforce housing alternatives. The bill also eliminates the requirement that such grants adhere to the Virginia Housing and Development Authority regional sales price and household income limitation guidelines. Current law imposes a maximum grant amount of $25,000 for individual grants per employee, as well as a maximum lifetime cumulative amount of $25,000 per employee.

Current Bill Text

A BILL to amend and reenact §
15.2-958.2
of the Code of Virginia, relating to housing for local employees; grants for homeownership.

Be it enacted by the General Assembly of Virginia:

1. That §
15.2-958.2
of the Code of Virginia is amended and reenacted as follows:

§
15.2-958.2
. Grants for homeownership; workforce housing.

A. In order to ensure its competitiveness as an employer, a locality may
,
by ordinance
,
provide for the use of funds, other than state funds, to provide homeownership grants to employees of the locality, employees of the school board
,
and employees of constitutional officers, to purchase their primary residences in the locality.
The ordinance shall require that individual grants not exceed $25,000 per employee, nor lifetime cumulative grants exceed $25,000 per employee.
Any such grants issued shall be subject to the Virginia Housing and Development Authority regional sales price and household income limitations.
The ordinance may establish such other terms and conditions to ensure the integrity of the homeownership grant program.

B. In addition to the homeownership grants authorized in subsection A, a locality may by ordinance, and in cooperation with the local school division, offer residential housing assistance grants
in amounts not to exceed those permitted in subsection A
and, with the local school division, enter into public-private partnerships and other arrangements to provide affordable workforce housing alternatives to school division personnel.