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2000 SESSION

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SB 711 Housing Revitalization Zone Act; created.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Housing Revitalization Zone Act. Allows the Governor to designate housing revitalization zones for the purpose of encouraging private sector rehabilitation of blighted areas through performance based grants. The program is to be administered by the Department of Housing and Community Development. Eligibility for zone designation includes areas that (i) have per capita income below 80 percent of the median per capita income for the planning district or (ii) have a residential vacancy rate that is at least 120 percent of the average vacancy rate for the planning district. Qualified business firms and qualified owner occupants are required to meet minimum investment levels based on the type of construction. The bill requires that at least 25 percent of any increase in real estate tax revenues in housing revitalization zones be appropriated within such zones for those tax years in which grants are paid to qualified business firms and qualified owner occupants. This is a recommendation of the Commission on the Condition and Future of Virginia's Cities.

SUMMARY AS PASSED SENATE:

Housing Revitalization Zone Act. Allows the Governor to designate housing revitalization zones for the purpose of encouraging private sector rehabilitation of blighted areas through performance based grants. The program is to be administered by the Department of Housing and Community Development. Eligibility for zone designation includes areas that (i) have per capita income below 80 percent of the median per capita income for the planning district or (ii) have a residential vacancy rate that is at least 120 percent of the average vacancy rate for the planning district. Qualified business firms and qualified owner occupants are required to meet minimum investment levels based on the type of construction. The bill requires that at least 25 percent of any increase in real estate tax revenues in housing revitalization zones be appropriated within such zones for those tax years in which grants are paid to qualified business firms and qualified owner occupants. This is a recommendation of the Commission on the Condition and Future of Virginia's Cities.

SUMMARY AS INTRODUCED:

Housing Revitalization Zone Act. Allows the Governor to designate housing revitalization zones for the purpose of encouraging private sector rehabilitation of blighted areas through state income tax credits. The program is to be administered by the Department of Housing and Community Development. Eligibility for zone designation includes areas that (i) have per capita income below 80 percent of the median per capita income for the planning district or (ii) have a residential vacancy rate that is at least 120 percent of the average vacancy rate for the planning district. Qualified business firms and qualified owner occupants are required to meet minimum investment levels based on the type of construction. Also, the bill (i) specifies that 50 percent of all monies in the Virginia Removal or Rehabilitation of Derelict Structures Fund that are approved as grants to local governments shall be utilized in areas designated by the Governor as housing revitalization zones; and (ii) increases from $200,000 to $1,000,000 the maximum grant from such fund. This is a recommendation of the Commission on the Condition and Future of Virginia's Cities.