Housing

Zoning; manufactured housing. Amends existing provisions that require localities to permit manufactured homes in areas zoned for agriculture by expanding such requirement to all zoning districts where site-built housing is allowed, with certain conditions. The bill provides that localities shall not adopt or enforce any zoning, land-use, or development regulation that treats manufactured homes differently or more restrictively than a single-family site-built dwelling allowed in the same zoning district. The bill also removes the authority of localities without a zoning ordinance to designate the areas within the locality in which manufactured homes may be located. This bill incorporates HB 418 and HB 801 and is identical to SB 346.

Private activity bonds; allocation of state ceiling. Increases the housing allocation of the Virginia state ceiling on private activity bonds from 57 to 67 percent by (i) increasing the allocation to the Virginia Housing Development Authority from the current 43 percent to 50 percent and (ii) increasing the allocation to local housing authorities from the current 14 percent to 17 percent. The bill also maintains the current 18 percent for the Governor's state allocation portion and reduces the industrial development bonds for manufacturing and exempt facilities portion of the ceiling from 25 to 15 percent. This bill is identical to SB 729.

First-time home buyer savings plan; townhouses; principal limits. Includes townhouses in the definition of single-family residence for purposes of the First-Time Home Buyer Savings Plan Act. The bill also increases (i) the aggregate amount of principal that can be contributed to a first-time home buyer savings account from $50,000 to $100,000 and (ii) the limit on the amount of principal and interest or other income on the principal that may be retained in such an account from $150,000 to $200,000. The bill defines first-time home buyer, and includes that term in the definition of qualified beneficiary.

Prohibited acquisition of single-family homes; affidavit; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors, is a fiduciary to such investors, has net value or assets under management on any day during a taxable year, and holds an interest in more than 50 single-family homes from acquiring any interest in any other single-family home, as defined in the bill to include manufactured home parks and residential single-family homes split into multiple dwellings, on or after July 1, 2026. The bill also requires an offering purchaser of a manufactured home park to provide a notarized affidavit certifying that the purchaser is not prohibited from acquiring such an interest. Any false statements on such affidavit is subject to a civil penalty of up to $10,000 per occurrence.