SB490 • 2026

Mixed-income housing; creating a two-year pilot program that provides loan origination, etc.

An Act to direct the Department of Housing and Community Development, in collaboration with the Virginia Housing Development Authority, to create a two-year pilot program that would provide loan origination and servicing activities for mixed income housing; report.

Budget Housing

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: VanValkenburg
Last action: 2026-04-22
Official status: Acts of Assembly Chapter
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Mixed-income housing; creating a two-year pilot program that provides loan origination, etc.

Department of Housing and Community Development; loans for the construction of mixed income housing; report.

What This Bill Does

Department of Housing and Community Development; loans for the construction of mixed income housing; report.
Directs the Department of Housing and Community Development, in collaboration with the Virginia Housing Development Authority, to create a two-year pilot program that would provide loan origination and servicing activities for mixed income housing and submit a report on its findings to the General Assembly by November 1 of each year of the pilot program.
The bill provides that any funding for the pilot program, subject to the appropriation act, shall be utilized from up to 15 percent of the annual deposit made to the Virginia Housing Trust Fund.
This bill is identical to HB 196 and HB 820.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SB490AC

2026-03-13 • Conference

Conference Report

Plain English: JOINT CONFERENCE COMMITTEE REPORT We, the conferees, appointed by the respective bodies to consider and report upon the disagreeing vote on Senate Bill No.

JOINT CONFERENCE COMMITTEE REPORT We, the conferees, appointed by the respective bodies to consider and report upon the disagreeing vote on Senate Bill No.
490 , report as follows: A.
We recommend that the House Amendment in the Nature of a Substitute (26108542D) be rejected.
B.

SB490AG

2026-04-12 • Governor

Governor's Recommendation

Plain English: (SB490) GOVERNOR'S RECOMMENDATION 1.

(SB490) GOVERNOR'S RECOMMENDATION 1.
Line 32, enrolled, after loan.
strike the remainder of line 32 and all of lines 33 and 34

Bill History

2026-04-22 Governor
Governor's recommendation adopted
2026-04-22 House
Signed by Speaker
2026-04-22 Senate
Signed by President
2026-04-22 Governor
Approved by Governor-Chapter 1012 (effective 7/1/2026)
2026-04-22 Senate
Reenrolled
2026-04-22 Senate
Reenrolled bill text (SB490ER2)
2026-04-22 Governor
Acts of Assembly Chapter text (CHAP1012)
2026-04-22 Senate
Senate concurred in Governor's recommendation (39-Y 0-N 0-A)
2026-04-22 House
House concurred in Governor's recommendation (75-Y 23-N 0-A)
2026-04-12 Governor
Governor's recommendation received by Senate
2026-03-31 Senate
Enrolled Bill communicated to Governor on March 31, 2026
2026-03-31 Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
2026-03-31 House
Signed by Speaker
2026-03-31 Senate
Enrolled Bill communicated to Governor on March 31, 2026
2026-03-31 Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
2026-03-31 Senate
Fiscal Impact Statement from Department of Planning and Budget (SB490)
2026-03-30 Senate
Signed by President
2026-03-30 Senate
Enrolled
2026-03-30 Senate
Bill text as passed Senate and House (SB490ER)
2026-03-14 House
Conference report agreed to by House (66-Y 30-N 0-A)
2026-03-13 Conference
Conference Report released
2026-03-13 Senate
Conference report agreed to by Senate (39-Y 0-N 0-A)
2026-03-10 House
Conferees appointed by House
2026-03-10 House
House Conferees: Helmer, Thomas, Wiley
2026-03-09 Senate
Conferees appointed by Senate
2026-03-09 Senate
Senate Conferees: VanValkenburg, Locke, Pillion
2026-03-09 Senate
Senate acceded to request Block Vote (40-Y 0-N 0-A)
2026-03-05 House
House insisted on substitute
2026-03-05 House
House requested conference committee
2026-03-04 Senate
House substitute rejected by Senate (0-Y 40-N 0-A)
2026-03-02 House
Read third time
2026-03-02 House
committee substitute agreed to
2026-03-02 House
Engrossed by House - committee substitute
2026-03-02 House
Passed House with substitute (67-Y 32-N 0-A)
2026-03-02 Appropriations
Fiscal Impact Statement from Department of Planning and Budget (SB490)
2026-02-27 House
Read second time
2026-02-25 Appropriations
Reported from Appropriations with substitute (17-Y 5-N)
2026-02-25 Appropriations
House committee offered
2026-02-25 Appropriations
Committee substitute printed 26108542D-H1
2026-02-19 House
Placed on Calendar
2026-02-19 House
Read first time
2026-02-19 Appropriations
Referred to Committee on Appropriations
2026-02-19 Commerce Agriculture & Natural Resources
Assigned HAPP sub: Commerce Agriculture & Natural Resources
2026-02-18 Finance and Appropriations
Fiscal Impact Statement from Department of Planning and Budget (SB490)
2026-02-16 Senate
Read second time
2026-02-16 Senate
Engrossed by Senate - committee substitute Block Vote (Voice Vote)
2026-02-16 Senate
Rules suspended
2026-02-16 Senate
Blank Action
2026-02-16 General Laws and Technology
Committee substitute rejected (Voice Vote)
2026-02-16 Finance and Appropriations
Committee substitute agreed to (Voice Vote)
2026-02-16 Senate
Engrossed by Senate Block Vote (Voice Vote)
2026-02-16 Senate
Constitutional reading dispensed Block Vote (on 3rd reading) (39-Y 0-N 0-A)
2026-02-16 Senate
Read third time and passed Senate Block Vote (39-Y 0-N 0-A)
2026-02-13 Senate
Rules suspended
2026-02-13 Senate
Passed by for the day
2026-02-13 Senate
Constitutional reading dispensed Block Vote (on 1st reading) (35-Y 0-N 0-A)
2026-02-13 Finance and Appropriations
Committee substitute printed 26107936D-S2
2026-02-12 Finance and Appropriations
Reported from Finance and Appropriations with substitute (15-Y 0-N)
2026-02-05 General Laws and Technology
Committee substitute printed 26106993D-S1
2026-02-05 General Laws and Technology
Fiscal Impact Statement from Department of Planning and Budget (SB490)
2026-02-04 General Laws and Technology
Reported from General Laws and Technology with substitute and rereferred to Finance and Appropriations (15-Y 0-N)
2026-02-04 Senate
Senate committee offered
2026-01-28 Housing
Senate subcommittee offered
2026-01-21 Housing
Assigned GL&T sub: Housing
2026-01-13 Senate
Prefiled and ordered printed; Offered 01-14-2026 26103258D
2026-01-13 General Laws and Technology
Referred to Committee on General Laws and Technology

Official Summary Text

Department of Housing and Community Development; loans for the construction of mixed income housing; report.
Directs the Department of Housing and Community Development, in collaboration with the Virginia Housing Development Authority, to create a two-year pilot program that would provide loan origination and servicing activities for mixed income housing and submit a report on its findings to the General Assembly by November 1 of each year of the pilot program. The bill provides that any funding for the pilot program, subject to the appropriation act, shall be utilized from up to 15 percent of the annual deposit made to the Virginia Housing Trust Fund. This bill is identical to HB 196 and HB 820.

Current Bill Text

Read the full stored bill text

An Act to direct the Department of Housing and Community Development, in collaboration with the Virginia Housing Development Authority, to create a two-year pilot program that would provide loan origination and servicing activities for mixed income housing; report.
Be it enacted by the General Assembly of Virginia:
1.
§ 1. As used in this act:
"Department" means the Department of Housing and Community Development.
"Eligible entity" means individuals, joint ventures, partnerships, limited partnerships, public bodies, trusts, firms, associations, corporations, cooperatives and condominiums, or other legal entities, or any combination thereof, approved by the Department as qualified either to own, construct, acquire, rehabilitate, operate, manage, or maintain a housing development, whether nonprofit or organized for limited profit, subject to the statutory authority of the Department and other terms and conditions set forth in this act.
"HDA" means the Virginia Housing Development Authority created in Chapter 1.2 (§
36-55.24
et seq.) of the Code of Virginia.
"Housing project" means any construction or rehabilitation of a property containing both low-to-moderate income residential dwelling units and market rate residential dwelling units that is designed and financed pursuant to the provisions of this act for the primary purpose of providing sanitary, decent, and safe dwelling accommodations for persons and families of mixed income in need of housing. "Housing project" may include site preparation activities, including improvements to streets, sewers, utilities, and other such public infrastructure improvements necessary to accommodate the housing project.
§ 2. The Department shall work in collaboration with the HDA to create a two-year pilot program that would provide loan origination and servicing activities as needed to carry out the purposes of (i) making lower-interest loans to eligible entities that incur costs in the acquisition, construction, or improvement of mixed-income housing projects or for infrastructure needed for site development and readiness for housing projects; (ii) loan origination and servicing costs; and (iii) administration costs. The Department shall also, through the HDA, make lower-interest loans to eligible entities that incur costs in the acquisition, construction, or improvement of mixed-income housing projects or for infrastructure needed for site development and readiness for housing projects. Such loans shall be structured to maximize leveraging opportunities. The HDA, in consultation with the Department, shall determine the terms and conditions of any loan, including the interest rate and repayment terms of each such loan.
§ 3. On or before November 1 of each year of the pilot program created pursuant to § 2, the Department and the HDA shall report to the General Assembly on (i) the total number of loan awards, including funding amounts; (ii) the purpose for which each loan was made; (iii) the financing for each housing project by source; (iv) the number of units created by income by housing project; (v) the number of units created by rent by housing project; (vi) the occupancy rate by housing project; and (vii) any other such information deemed appropriate by the Department and the HDA. The Department shall develop, in consultation with the HDA, guidelines and other materials to facilitate the purposes of the pilot program. The Department, in consultation with the HDA, shall define "low income," "moderate income," "mixed income," and "mixed-income housing project" in developing such guidelines. The Department may consider loan cap amounts, loan percentage of total cost of the housing project, income limits for the affordable housing portion of a housing project, and other considerations to structure the loans.