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2025 Session

Budget Amendments - HB1600 (Conference Report)

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Urban Public-Private Partnership Redevelopment Fund

Item 103 #4c

Item 103 #4c

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Housing and Community Development FY2025 $2,500,000 FY2026 $0 GF

Language
Page 111, line 49, strike "$150,752,325" and insert "$153,252,325".

Page 121, after line 18, insert:

"AA. Out of this appropriation, $2,500,000 the first year from the general fund is provided for the Urban Public-Private Partnership Redevelopment Fund. Notwithstanding the provisions of § 15.2-2417, Code of Virginia, the department shall develop appropriate criteria and guidelines for the administration of the grant program. Such criteria shall include (i) how to prioritize awards for (a) localities experiencing an above average and high level of fiscal stress as designated by the Commission on Local Government in its most recent "Report on Comparative Revenue Capacity, Revenue Effort, and Fiscal Stress of Virginia's Cities and Counties" and (b) localities experiencing a significant decrease in commercial real estate assessments and (ii) the amount and type of local match, to include both requirements that consider monetary contributions and requirements that consider nonmonetary contributions. Eligible project partners for local governments shall include private developers including limited partnerships, limited liability companies, or domestic corporations, nonprofit organizations that are exempt from taxation under § 501(c)(3) of the Internal Revenue Code, local government and regional authorities, land bank entities as defined by § 15.2-7500, and common interest communities as defined by § 54.1-2345, including property owners' associations as defined by the Property Owners' Association Act (§ 55.1-1800 et seq.), condominium unit owners' associations established pursuant to the Virginia Condominium Act (§ 55.1-1900 et seq.), and real estate cooperative associations established pursuant to the Virginia Real Estate Cooperative Act (§ 55.1-2100 et seq.). Of the amounts in this paragraph, $200,000 is provided to the department for program administration."



Explanation

(This amendment provides $2.5 million from the general fund the first year to capitalize the Urban Public-Private Partnership Redevelopment Fund.)