SB 328

An Act to amend and reenact § 15.2-958.2 of the Code of Virginia, relating to housing for local employees; grants for homeownership.
Be it enacted by the General Assembly of Virginia:
1. That § 15.2-958.2 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-958.2. Grants for homeownership; workforce housing.
A. In order to ensure its competitiveness as an employer, a locality may[,] by ordinance[,] provide for the use of funds, other than state funds, to provide homeownership grants to employees of the locality, employees of the school board, and employees of constitutional officers, to purchase their primary residences in the locality.[ The ordinance shall require that individual grants not exceed $25,000 per employee, nor lifetime cumulative grants exceed $25,000 per employee. Any such grants issued shall be subject to the Virginia Housing and Development Authority regional sales price and household income limitations.] The ordinance may establish such other terms and conditions to ensure the integrity of the homeownership grant program.
B. In addition to the homeownership grants authorized in subsection A, a locality may by ordinance, and in cooperation with the local school division, offer residential housing assistance grants[ in amounts not to exceed those permitted in subsection A] and, with the local school division, enter into public-private partnerships and other arrangements to provide affordable workforce housing alternatives to school division personnel.