VA HB4

Authorizes localities to require owners of publicly supported housing (10+ rental units with affordability restrictions) to provide 24 months written notice before termination of affordability restrictions to the locality, tenants, and tenant associations

Allows localities to appoint a "qualified designee" (nonprofit, for-profit, public housing authority, or tenant association) to act as a purchaser of publicly supported housing, with a requirement to preserve affordability for at least 15 years

Grants localities and their qualified designees a right of first refusal to purchase publicly supported housing by matching any third-party buyer's offer within 30 days of receiving notice of an accepted offer

Exempts third-party buyers from the right of first refusal if they agree in writing to extend the property's affordability for a period determined by the locality (up to 30 years maximum)

Permits localities to impose civil penalties up to $5,000 per violation for failure to comply with notice requirements, and allows civil actions with punitive damages and injunctive relief for right of first refusal violations