§ 36-157. Short title

This chapter shall be known and may be cited as the “Housing Revitalization Zone Act.” 2000, cc. 789, 795.

§ 36-158. Definitions

As used in this chapter: “Based assessed value” means the assessed value of real estate within a housing revitalization zone as shown upon the records of the local assessing officer on January 1 of the year preceding the date of the designation of such zone. “Business firm” means any corporation, partnership, electing small business (Subchapter […]

§ 36-159. Administration

The Department shall administer this chapter and shall have the following powers and duties: 1. To establish the process for determining what areas qualify as housing revitalization zones. Such criteria shall be the minimum required for implementation of the purpose of this chapter; 2. To monitor the implementation and operation of this chapter; 3. To […]

§ 36-160. Housing revitalization zone designation

A. The governing body of any county, city or town may make written application to the Department to have an area or areas declared to be a housing revitalization zone. Such application shall include a description of the location of the area or areas in question, and a general statement identifying proposed local incentives to […]

§ 36-161. Expansion of housing revitalization zones

Upon designation of an area as a housing revitalization zone, the local governing body may make written application to the Department to expand the area of the housing revitalization zone. Such application for expansion shall be considered by the Department in accordance with the requirements of §§ 36-160 and 36-162 and such regulations of the […]

§ 36-162. Application review

A. The Department shall review each application upon receipt and shall secure any additional information that the Department deems necessary for the purpose of determining whether the area described in the application qualifies to be declared a housing revitalization zone. B. The Department shall complete review of the application within sixty days of the last […]

§ 36-163. Sale of public land

Upon designation of an area as a housing revitalization zone, the Commonwealth and any units of local government that own any land within the housing revitalization zone may make available for sale all land within the housing revitalization zone not designated or targeted for some public use with the condition that it be developed. 2000, […]

§ 36-164. Rules and regulations

Rules and regulations prescribing procedures effectuating the purpose of this chapter shall be promulgated by the Board of Housing and Community Development in accordance with the Administrative Process Act (§ 2.2-4000 et seq.). 2000, cc. 789, 795.

§ 36-165. Eligibility

A. Any business firm may be designated a “qualified business firm” for purposes of this chapter if it undertakes, within a housing revitalization zone, the eligible construction or rehabilitation of a housing unit as described under § 36-166. B. Any individual may be designated as a “qualified owner occupant” for purposes of this chapter if […]

§ 36-166. Housing revitalization zone grants

A. As used in this section: “Qualified zone improvements” means the amount properly chargeable to a capital account for improvements to rehabilitate or undertake construction on real property during the applicable year within a housing revitalization zone, provided that the total amount of such improvements equals or exceeds (i) for a qualified business firm, an […]

§ 36-167. Housing Revitalization Zone Fund established

There shall be set apart as a permanent and perpetual fund, known as the “Housing Revitalization Zone Fund,” sums appropriated to the Fund by the General Assembly, all income from investments of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source, public or private. The Fund […]

§ 36-168. Local incentives

A. In making an application for designation as a housing revitalization zone, the applying locality or localities may propose local tax incentives, including, but not limited to: (i) reduction of permit fees; (ii) reduction of user fees; (iii) partial exemption from taxation of substantially rehabilitated real estate pursuant to § 58.1-3221; and (iv) use of […]

§ 36-169. Review and termination of housing revitalization zone

A. Upon designation of an area as a housing revitalization zone, the proposals for regulatory flexibility, tax incentives and other public incentives specified in this chapter shall be binding upon the local governing body to the extent and for the period of time specified in the application for zone designation. If the local governing body […]

§ 36-170. Incremental revenues appropriated to housing revitalization zone

Any county, city, or town in which a housing revitalization zone is located shall, within ninety days of the designation of a housing revitalization zone within such county, city, or town, adopt an ordinance providing that all or a specified percentage of the real estate taxes in such zone shall be assessed, collected, and allocated […]