Bill Text: VA SB489 | 2024 | Regular Session | Chaptered
Bill Title: VA residential development infrastructure fund; feasibility of establishing, report.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-04-04 - Governor: Acts of Assembly Chapter text (CHAP0509) [SB489 Detail]
Download: Virginia-2024-SB489-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. §1. That the Department of Housing and Community Development (the Department) shall convene a work group to assess the feasibility of and options for establishing a Virginia residential development infrastructure fund.
The work group shall consider (i) whether other states have established a residential development infrastructure fund, or similar fund, and evaluate the effectiveness and best practices used in implementing such policy in other states; (ii) preliminary and long-term fiscal impacts of establishing and administering a Virginia residential development infrastructure fund; (iii) options for applicant and project eligibility criteria, application review and selection processes, funding disbursement, and other potential policies, procedures, or guidelines; and (iv) prioritizing certain public infrastructure projects, including those that support residential developments in localities that have implemented measures to reduce local regulatory barriers to new development.
The work group shall be composed of representatives from local government and individuals with expertise in single-family and multifamily land development and construction, real estate finance, infrastructure development, or other areas of expertise deemed appropriate by the Department.
All agencies of the Commonwealth shall provide assistance to the Department and the work group, upon request.
The work group shall complete its meetings by November 30, 2024, and the Department shall submit to the Division of Legislative Automated Systems an executive summary and report of its assessment no later than the first day of the 2025 Regular Session of the General Assembly. The executive summary and report shall be submitted as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website.
