Land Bank Entities Act; established. (HB268)

Introduced By

Del. Danny Marshall (R-Danville) with support from co-patron Del. Betsy Carr (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Land Bank Entities Act. Authorizes the establishment of a land bank entity by any locality or two or more localities combined to assist in addressing vacant, abandoned, and tax-delinquent real properties. Under the bill, after a referendum has been held on the question of creating a land bank entity, the locality has the option of (i) creating an authority or a nonprofit, nonstock corporation or (ii) designating an existing nonprofit entity that is exempt from taxation under 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to 15.2-953 to carry out the functions of such land entity. The bill provides that land bank entities may acquire real property within participating localities or receive transfers and conveyances from the participating localities. Land bank entities are authorized to receive funding through grants and loans from participating localities, the Commonwealth, the federal government, and other public and private sources. In addition, the bill authorizes a locality to deem paid in full all accumulated taxes, penalties, interest, and other costs on any tax-delinquent property in exchange for conveyance of the property by the owner to a land bank entity. The bill also authorizes a participating locality to remit to the land bank entity up to 50 percent of the real property taxes collected on real property conveyed by a land bank entity for up to 10 years after the conveyance. This bill is a recommendation of the Virginia Housing Commission. Read the Bill »


Bill Has Passed


12/31/2015Prefiled and ordered printed; offered 01/13/16 16103273D
12/31/2015Referred to Committee on Counties, Cities and Towns
01/18/2016Assigned to sub: Subcommittee #2
01/18/2016Assigned CC & T sub: Subcommittee #2
02/03/2016Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/05/2016Reported from Counties, Cities and Towns with amendments (21-Y 1-N) (see vote tally)
02/08/2016Read first time
02/09/2016Read second time
02/09/2016Committee amendments agreed to
02/09/2016Engrossed by House as amended HB268E
02/09/2016Printed as engrossed 16103273D-E
02/10/2016Read third time and passed House (80-Y 19-N)
02/10/2016VOTE: PASSAGE (80-Y 19-N) (see vote tally)
02/11/2016Constitutional reading dispensed
02/11/2016Referred to Committee on Finance
02/24/2016Reported from Finance (14-Y 0-N) (see vote tally)
02/25/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/26/2016Read third time
02/26/2016Passed Senate (39-Y 0-N) (see vote tally)
03/01/2016Bill text as passed House and Senate (HB268ER)
03/03/2016Bill text as passed House and Senate reprinted (HB268ER)
03/07/2016Enrolled Bill communicated to Governor on 3/7/2016
03/07/2016G Governor's Action Deadline Midnight, Sunday, April 10, 2016
03/11/2016G Approved by Governor-Chapter 383 (effective 7/1/16)
03/11/2016G Acts of Assembly Chapter text (CHAP0383)
03/11/2016G Acts of Assembly Chapter text reprinted (CHAP0383)

Duplicate Bills

The following bills are identical to this one: SB414.