VA SB490

Establishes the Virginia Housing Revolving Loan Fund as a permanent, nonreverting fund to provide lower-interest loans for mixed-income housing projects combining low-to-moderate income and market-rate residential units.

Authorizes the Department of Housing and Community Development (DHCD) to administer the fund in collaboration with the Virginia Housing Development Authority (HDA), which will handle loan origination, servicing, and disbursement.

Permits fund moneys to be used for acquisition, construction, or improvement of mixed-income housing projects, site preparation and infrastructure improvements, loan origination/servicing costs, and administration.

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 project financing sources.

Takes effect January 1, 2027, with DHCD and HDA directed to develop guidelines defining income thresholds, loan caps, and other program parameters.