15.2-958.2 - Grants for homeownership; workforce housing.
§ 15.2-958.2. Grants for homeownership; workforce housing.
A. In order to ensure its competitiveness as an employer, a locality may, byordinance, provide for the use of funds, other than state funds, to providehomeownership grants to employees of the locality, employees of the schoolboard and employees of constitutional officers, to purchase their primaryresidences in the locality. The ordinance shall require that individualgrants not exceed $25,000 per employee, nor lifetime cumulative grants exceed$25,000 per employee. Any such grants issued shall be subject to the VirginiaHousing and Development Authority regional sales price and household incomelimitations. The ordinance may establish such other terms and conditions toensure the integrity of the homeownership grant program.
B. In addition to the homeownership grants authorized in subsection A, alocality may by ordinance, and in cooperation with the local school division,offer residential housing assistance grants in amounts not to exceed thosepermitted in subsection A and, with the local school division, enter intopublic-private partnerships and other arrangements to provide affordableworkforce housing alternatives to school division personnel.
(2004, c. 541; 2007, cc. 578, 674; 2009, c. 198.)