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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 $25,000 per
employee, nor lifetime cumulative grants exceed $5,000 $25,000
per employee. Any such grants issued shall be subject to the Virginia
Housing and Development Authority regional sales price and household income
limitations. The ordinance may establish such other terms and conditions to
ensure the integrity of the home-ownership grant program.