VA HB196

Establishes a two-year pilot program through the Department of Housing and Community Development and Virginia Housing Development Authority to provide lower-interest loans for mixed-income housing projects

Eligible entities can receive loans for acquisition, construction, or improvement of mixed-income housing developments, as well as infrastructure needed for site development and readiness

Funding for the pilot program comes from up to 15 percent of the annual deposit made to the Virginia Housing Trust Fund

Loans may cover both low-to-moderate income residential units and market rate units, with terms and conditions including interest rates and repayment determined by the Virginia Housing Development Authority

Requires annual reporting to the General Assembly by November 1 on loan awards, funding amounts, units created by income level, occupancy rates, and other relevant program data