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2007 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 15.2-958.2 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-958.2. Grants for home ownership.
In order to ensure its competitiveness as an employer, a locality
may, by ordinance, provide for the use of funds, other than state funds, to
provide home-ownership grants to employees of the locality, employees of the
school board and employees of constitutional officers, to purchase their
primary residences in the locality. The ordinance shall require that each
grant be approved by the local governing body by ordinance advertised on its
regular agenda and that individual grants not exceed $5,000 per employee,
nor lifetime cumulative grants exceed $5,000 per employee. The ordinance may
establish such other terms and conditions to ensure the integrity of the
home-ownership grant program.