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2024 Session

Budget Amendments - HB30 (Committee Approved)

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Create Revolving Loan Fund for the Purchase of Manufactured Home Parks (language only)

Item 102 #2h

Item 102 #2h

Commerce and Trade
Department of Housing and Community Development

Language

Page 99, after line 39, insert:

"M.1. Notwithstanding the provisions of § 10.1-1330, Code of Virginia, the department shall utilize $5,000,000 of unobligated balances in the Low-Income Energy Efficiency Program Fund (02017) for the purpose of establishing a pilot program to assist residents of a manufacturing home park or organizations exempt from taxation under 501(c)3 of the Internal Revenue Code acquire manufactured home parks located in Virginia.

2. The department shall award the funds provided in this paragraph as revolving loans to either: (i) associations consisting of residents of one or more manufactured home parks in Virginia, or (ii) organizations exempt from taxation under 501(c)3 of the Internal Revenue Code that provide, construct, or renovate affordable housing in Virginia.

3. The department shall develop criteria and guidelines for this pilot program on or before December 1, 2024. At a minimum, the guidelines shall prohibit any loans that result in the involuntary displacement of any person residing in the park at the time of its acquisition. The interest rate of loans issued under this pilot program shall not exceed the lowest annual interest rate offered on a loan from the Virginia Housing Trust Fund.

4. Up to twenty-five of funds provided in this paragraph may be distributed to organizations exempt from taxation under 501(c)3 of the Internal Revenue Code that provide, construct, or renovate affordable housing in Virginia that have been assigned a right of first refusal to purchase a manufactured home park by a locality, pursuant to the provisions of House Bill 1397 of the 2024 General Assembly. Upon receipt of notice from a nonprofit that they have: (i) been assigned right of first refusal by a locality to purchase manufactured home parks, or (ii) received notice from the locality that such owner has entered into a contract to sell the park contingent upon first providing the right of first refusal, the department shall expedite the application for a loan, and notify the applicant of its decision within 30 days of receiving the application.

5. The department shall report to the General Assembly on or before December 1, 2025 the results of this pilot program. At a minimum, the report shall contain information on the number of applications, the number and dollar amount of loans made, number of parks acquired, and the estimated costs of continuing the program.

6. The department may recover administrative costs from the amounts provided in this paragraph."



Explanation

(This amendment provides $5 million from unobligated balances of the Regional Greenhouse Gas Intiative for the Department of Housing and Community Development to launch a new program to assist nonprofits and associations of tenants residing in manufactured home parks acquire land on which homes reside.)