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2009 SESSION

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SB 1430 Residential homes; bonds to fund grants for purchasers of newly constructed.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Grants to purchasers of newly constructed residential homes.  Authorizes the issuance of $50 million in bonds to fund grants to individuals who purchase a principal residence in the Commonwealth that was first issued a certificate of occupancy on or after January 1, 2007, but before July 1, 2009.  Eligible individuals would be individuals who had no present ownership in a principal residence within the last three years.  The Virginia Housing Development Authority, in consultation with the Virginia Economic Development Partnership, would develop guidelines for purposes of determining eligible homebuyers and the amount of grant awards.  The bill is contingent on supplemental appropriations that may be used for such a program being included in a federal stimulus package adopted by March 27, 2009, or on the State Treasurer certifying to the Governor, no later than September 1, 2009, that bonds or indebtedness issued or entered into pursuant to this act would not negatively impact the debt capacity of the Commonwealth.


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