Virginia Housing Trust Fund; mixed-income development. Allows the Department of Housing and Community Development to use 20 percent of moneys in the Virginia Housing Trust Fund to provide loans to developers of mixed-income housing projects, as defined in the bill. The bill provides that the total amount of such a loan shall not exceed $60,000 per housing unit contained in the mixed-income housing project. Further, the bill prohibits any loans being made that would exceed 25 percent of the total costs incurred in the development of such a project unless (i) the developer is a public entity or a nonprofit organization that secures at least 10 percent of the funding for the project from other sources; (ii) the developer reserves 80 percent of the housing units in the project for certain types of households described in the bill; (iii) the developer reserves 10 percent or more of the housing units for households earning 30 percent or less of the AMI for the locality in which the project is located; or (iv) for projects that receive a loan and also claim a housing opportunity tax credit in the same taxable year for the same project, the developer reserves 10 percent or more of the housing units in the development for households earning 30 percent or less of the AMI for the locality in which such project is located.

Statutes affected:
Introduced: 36-142