VirginiaSB4902026 Regular SessionSenateWALLET

Mixed-income housing; creating a two-year pilot program that provides loan origination, etc.

Sponsored By: Schuyler T. VanValkenburg (Democratic)

Became Law

Summary

Department of Housing and Community Development; loans for the construction of mixed income housing; report. Directs the Department of Housing and Community Development, in collaboration with the Virginia Housing Development Authority, to create a two-year pilot program that would provide loan origination and servicing activities for mixed income housing and submit a report on its findings to the General Assembly by November 1 of each year of the pilot program. The bill provides that any funding for the pilot program, subject to the appropriation act, shall be utilized from up to 15 percent of the annual deposit made to the Virginia Housing Trust Fund. This bill is identical to HB 196 and HB 820.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Lower-interest loans for mixed-income housing

The law creates a two-year pilot run by the state housing department and the Virginia Housing Development Authority. They provide lower-interest loans to approved entities, including developers, nonprofits, and public bodies, to buy, build, or rehab mixed-income housing. Loans can also pay for site work and needed infrastructure for the project. The housing authority sets interest rates and repayment terms with the department, and loans are structured to leverage other funding. The agencies issue guidelines that define low and moderate income, set loan caps and the share of project costs covered, and set income limits for the affordable units. They report each year to the General Assembly on loans made, project funding sources, units by income and rent, and occupancy rates.

Sponsors & Cosponsors

Sponsor

  • Schuyler T. VanValkenburg

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 486 • No: 130

House vote 4/22/2026

House concurred in Governor's recommendation

Yes: 75 • No: 23

Senate vote 4/22/2026

Senate concurred in Governor's recommendation

Yes: 39 • No: 0

House vote 3/14/2026

Conference report agreed to by House

Yes: 66 • No: 30

Senate vote 3/13/2026

Conference report agreed to by Senate

Yes: 39 • No: 0

Senate vote 3/9/2026

Senate acceded to request Block Vote

Yes: 40 • No: 0

Senate vote 3/4/2026

House substitute rejected by Senate

Yes: 0 • No: 40

House vote 3/2/2026

Passed House with substitute

Yes: 67 • No: 32

House vote 2/25/2026

Reported from Appropriations with substitute

Yes: 17 • No: 5

Senate vote 2/16/2026

Read third time and passed Senate Block Vote

Yes: 39 • No: 0

Senate vote 2/16/2026

Committee substitute rejected (Voice Vote)

Yes: 0 • No: 0

Senate vote 2/16/2026

Committee substitute agreed to (Voice Vote)

Yes: 0 • No: 0

Senate vote 2/16/2026

Constitutional reading dispensed Block Vote (on 3rd reading)

Yes: 39 • No: 0

Senate vote 2/13/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 35 • No: 0

Senate vote 2/12/2026

Reported from Finance and Appropriations with substitute

Yes: 15 • No: 0

Senate vote 2/4/2026

Reported from General Laws and Technology with substitute and rereferred to Finance and Appropriations

Yes: 15 • No: 0

Actions Timeline

  1. House concurred in Governor's recommendation (75-Y 23-N 0-A)

    4/22/2026House
  2. Senate concurred in Governor's recommendation (39-Y 0-N 0-A)

    4/22/2026Senate
  3. Acts of Assembly Chapter text (CHAP1012)

    4/22/2026Governor
  4. Reenrolled bill text (SB490ER2)

    4/22/2026Senate
  5. Reenrolled

    4/22/2026Senate
  6. Approved by Governor-Chapter 1012 (effective 7/1/2026)

    4/22/2026Governor
  7. Signed by President

    4/22/2026Senate
  8. Signed by Speaker

    4/22/2026House
  9. Governor's recommendation adopted

    4/22/2026Governor
  10. Governor's recommendation received by Senate

    4/12/2026Governor
  11. Fiscal Impact Statement from Department of Planning and Budget (SB490)

    3/31/2026Senate
  12. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/31/2026Governor
  13. Enrolled Bill communicated to Governor on March 31, 2026

    3/31/2026Senate
  14. Signed by Speaker

    3/31/2026House
  15. Bill text as passed Senate and House (SB490ER)

    3/30/2026Senate
  16. Enrolled

    3/30/2026Senate
  17. Signed by President

    3/30/2026Senate
  18. Conference report agreed to by House (66-Y 30-N 0-A)

    3/14/2026House
  19. Conference report agreed to by Senate (39-Y 0-N 0-A)

    3/13/2026Senate
  20. Conference Report released

    3/13/2026
  21. House Conferees: Helmer, Thomas, Wiley

    3/10/2026House
  22. Conferees appointed by House

    3/10/2026House
  23. Senate acceded to request Block Vote (40-Y 0-N 0-A)

    3/9/2026Senate
  24. Senate Conferees: VanValkenburg, Locke, Pillion

    3/9/2026Senate
  25. Conferees appointed by Senate

    3/9/2026Senate

Bill Text

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