VirginiaUrban Public-Private Partnership Redevelopment Fund; funding requirements, report.
What it does
Urban Public-Private Partnership Redevelopment Fund; funding requirements; report. Directs the Department of Housing and Community Development to develop criteria and guidelines for the use of funds from the Urban Public-Private Partnership Redevelopment Fund, including prioritizing grants to localities experiencing an above average or high level of fiscal stress as designated by the Commission on Local Government and localities experiencing a significant decrease in commercial real estate assessments. Under current law, the Board of Housing and Community Development is directed to develop guidelines for administration of the Fund.
More detail
The bill expands the qualifying private entities available for partnership with a local government for the redevelopment of a local site, removes the existing $500,000 grant cap for such local government, and eliminates the requirement that each grant be conditioned upon a 100 percent match of funds by the local government. In addition, the bill requires the Department, on or before December 1 of each year, to submit a report to the Secretary of Commerce and Trade, the Governor, and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations, including the number of projects funded and the costs of the Fund. Further, the bill repeals the Housing Revitalization Zone Act.As introduced, this bill was a recommendation of the Virginia Housing Commission.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Feb 11Passed by indefinitely in Finance and Appropriations (15-Y 0-N)Latest
- Vote recorded Passed by indefinitely in Finance and Appropriations (15-Y 0-N). Result: pass.Upper
- Jan 24Referred to Committee on Finance and AppropriationsMinor
- Jan 24Constitutional reading dispensed (on 1st reading)
- Jan 23Read third time and passed House (90-Y 6-N)Passed House
- Vote recorded Read third time and passed House (90-Y 6-N). Result: pass.Lower
- Jan 23Fiscal Impact Statement from Department of Planning and Budget (HB1702)
- Jan 22Engrossed by House - committee substituteMajor
- Jan 22Appropriations Substitute agreed to
- Jan 22Read second timeMinor
- Jan 22Moved from Uncontested Calendar to Regular Calendar
- Jan 21Read first timeMinor
- Jan 17Committee substitute printed 25105059D-H1Major
- Vote recorded Reported from Appropriations with substitute (21-Y 0-N). Result: pass.Lower
- Jan 17Reported from Appropriations with substitute (21-Y 0-N)Minor
- Jan 17Fiscal Impact Statement from Department of Planning and Budget (HB1702)
- Jan 15Subcommittee recommends reporting with substitute (8-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute (8-Y 0-N). Result: pass.Lower
- Jan 11Assigned Approps sub: Commerce Agriculture & Natural ResourcesMinor
- Jan 4Referred to Committee on AppropriationsMinor
- Jan 4Prefiled and ordered printed; Offered 01-08-2025 25103662DIntroduced
- Feb 11Passed by indefinitely in Finance and Appropriations (15-Y 0-N)Latest