Affordable dwelling unit ordinances; may establish requirement that prices for resale be controlled. (HB879)
Introduced By
Del. Manoli Loupassi (R-Richmond)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Affordable dwelling unit ordinances. Provides that a locality establishing an affordable housing dwelling unit program in any ordinance may establish a requirement that the prices for resales and rerentals be controlled by the local housing authority or local governing body or designee for a period of not less than 15 years after the initial sale or rental transaction for each affordable dwelling unit, provided that the ordinance further provides for reasonable rules and regulations to implement a price control provision. Under current law, the prices for resales and rerentals may be controlled by the local housing authority or local governing body or designee for a period of 50 years after the initial sale or rental transaction for each affordable dwelling unit. Amends § 15.2-2305 (“Affordable dwelling unit ordinances.”), of the Code of Virginia. View Full Text »
