Virginia HB 854: Affordable housing; VHDA, et al., to study ways to develop.

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2020 SESSION

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CHAPTER 482 

An Act to request the Department of Housing and Community 
Development and the Virginia Housing and Development Authority to study ways to 
incentivize the development of affordable housing in the Commonwealth of 
Virginia; report. 

[H 854] 

Approved March 27, 2020 

Whereas, affordable housing is becoming more and more 
difficult for many individuals and families to acquire throughout all regions 
(suburban, urban, and rural) of the Commonwealth; and

Whereas, anticipated economic and workforce growth will 
significantly increase the need for affordable housing in the Commonwealth; and

Whereas, the preservation and expansion of assisted, 
affordable multifamily housing is one of the most important housing issues 
facing the Commonwealth; and

Whereas, the high cost burden of housing, especially for 
lower-wage earners or those with special needs, is contributing to housing 
instability and homelessness; now, therefore,

Be it enacted by the General Assembly of Virginia:

1. � 1. That the Department of Housing and Community 
Development and the Virginia Housing and Development Authority be requested to 
study ways to incentivize the development of affordable housing in the Commonwealth 
of Virginia.

In conducting its study, the Department of Housing and 
Community Development and the Virginia Housing and Development Authority shall 
convene a stakeholder advisory group consisting of individuals with expertise 
in land development, construction, affordable housing, real estate finance, tax 
credit syndication, and other areas of expertise as determined by the 
Department of Housing and Community Development and the Virginia Housing and 
Development Authority, and at least one resident of an affordable housing 
property. Such advisory group shall (i) determine the quantity and quality of 
affordable housing and workforce housing across the Commonwealth, (ii) conduct 
a review of current programs and policies to determine the effectiveness of 
current housing policy efforts, (iii) develop an informed projection of future 
housing needs in the Commonwealth and determine the order of priority of those 
needs, and (iv) make recommendations for the improvement of housing policy in 
the Commonwealth.

The advisory group shall consider the following proposals 
as well as other proposals it considers advisable during the course of its 
analysis and deliberations: (a) a Virginia rent subsidy program to work in 
conjunction with the federal Housing Choice Voucher Program, (b) utility rate 
reduction for qualified affordable housing, (c) real property tax reduction for 
qualified affordable housing for localities that desire to provide such an 
incentive, (d) bond financing options for qualified affordable housing, and (e) 
existing programs to increase the supply of qualified