VA HB820

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

Loans may fund acquisition, construction, or improvement of mixed-income housing developments, as well as infrastructure needed for site development and readiness

Funding for the pilot program would come from up to 15 percent of the annual deposit made to the Virginia Housing Trust Fund, subject to appropriations

Eligible entities include individuals, partnerships, corporations, public bodies, trusts, cooperatives, and other legal entities qualified to own, construct, or operate housing developments

Requires annual reporting to the General Assembly by November 1 on loan awards, funding amounts, units created by income level and rent, occupancy rates, and financing sources for each housing project