VA HB408

Creates the Enterprise Zone Housing Availability Grant Program to incentivize affordable housing development within Virginia's enterprise zones

Targets households earning between 80% and 120% of area median income (AMI) as eligible occupants for properties receiving grants

Provides grants at 20% of eligible costs exceeding $500,000 for new construction or $100,000 for rehabilitation/expansion, with a 25% rate for major developers spending over $20 million

Caps grants at $100,000 per building over five years for projects under $5 million, $200,000 for projects between $5-20 million, and $300,000 for major projects exceeding $20 million

Requires rent to remain at or below 24% of monthly AMI for 10 years, and imposes resale price restrictions tied to AMI changes for sold properties during the same period