VA HB352

Authorizes Virginia localities with industrial or economic development authorities to establish affordable housing performance grant programs through local ordinance

Grants awarded to property owners must not exceed the increase in assessed value resulting from construction or improvements that create affordable housing

Requires applicants to file restrictive covenants guaranteeing affordable housing on the property for a term up to 30 years before receiving grant funds

Localities may charge application processing fees up to $250 per grant application

Expands existing powers of industrial and economic development authorities to include making loans or grants specifically for affordable housing development