Virginia HB 571: Rental housing; purchase or construction by localities.

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2020 SESSION

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20103445D

HOUSE BILL NO. 571 

Offered January 8, 2020 

Prefiled January 6, 2020 

A BILL to amend the Code of Virginia by adding a section 
 numbered 15.2-958.01, relating to purchase or construction of rental housing by 
 localities. 
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Patron-- Carter 

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Referred to Committee on Counties, Cities and Towns 

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Be it enacted by the General Assembly of Virginia: 

1. That the Code of Virginia is amended by adding a section 
 numbered 15.2-958.01 as follows: 

� 15.2-958.01. Purchase or 
 construction of rental housing by localities.

Any locality may by ordinance 
 establish a program to purchase or construct housing and to rent such housing 
 to residents. The rent charged for such housing shall not exceed the higher of 
 85 percent of the market rate for a similar housing unit or 115 percent of the actual 
 cost of operation of the housing unit offered for rent.

For purposes of this section, "actual 
 cost of operation" means (i) 1/12th of 
 the annual costs of maintenance, repair, renovation, 
 insurance; (ii) 1/240th of the 
 initial price of purchase or construction; (iii) 1/240th of 
 the total finance charges stemming from 
 the initial price of purchase or construction; and (iv) an amount 
 equal to 1/12th of the annual property tax that 
 would be assessed by the locality for the housing 
 unit offered for rent if it were privately owned.