HB196
Virginia Residential Development Infrastructure Pilot Program; established, sunset.
Status:
In Senate
Latest Action:
Feb. 5, 2026
House: Read third time and passed House (92-Y 6-N 0-A)
Chief Patron:
Josh Thomas (D)
Session:
2026 Regular Session
Summary
As Introduced. Virginia Residential Development Infrastructure Fund established.
Establishes the Virginia Residential Development Infrastructure Fund to provide financial assistance to local governments for expanding or improving public infrastructure needed to support new residential development through the construction or installation of a project, as defined by the bill. The bill provides that the Department of Housing and Community Development ... (More) shall establish guidelines related to a local government's application for and award of grants and loans from the Fund. The bill directs the Virginia Resources Authority to carry out the administration and management of the Fund in consultation with the Department. The bill further specifies the terms by which the Authority may deposit, invest, and collect money belonging to the Fund. The bill permits the Authority to make grants and loans to local governments to finance or refinance the cost of any project and specifies that such loans are not to exceed the total cost of the project. The bill specifies that the Authority may determine the interest rate and terms and conditions of any loan from the Fund, which may vary between local governments, and may pledge, assign, or transfer from the Fund to banks or trust companies any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds issued to finance any project. The bill also specifies the terms by which such pledge, assignment, or transfer can be made and permits the Authority to sell a loan or interest therein and to act as necessary to exercise the powers granted in the bill to carry out the purpose of the Fund. Finally, the bill instructs a liberal interpretation of its provisions to the end that its beneficial purposes may be effectuated. (Less)-
Bill History
- 01/07/2026 - House: Prefiled and ordered printed; Offered 01-14-2026 26104171D
- 01/07/2026 - House: Referred to Committee on Appropriations
- 01/15/2026 - House: Assigned HAPP sub: Commerce Agriculture & Natural Resources
- 01/22/2026 - House: Fiscal Impact Statement from Department of Planning and Budget (HB196)
- 01/27/2026 - House: Placed on Appropriations Agenda
- 01/28/2026 - House: House subcommittee offered
- 01/28/2026 - House: Subcommittee recommends reporting with substitute (5-Y 0-N)
- 01/29/2026 - House: Placed on Appropriations Agenda
- 01/30/2026 - House: House committee offered
- 01/30/2026 - House: Reported from Appropriations with substitute (21-Y 0-N)
- 01/30/2026 - House: Committee substitute printed 26106457D-H1
- 02/03/2026 - House: Read first time
- 02/04/2026 - House: Moved from Uncontested Calendar to Regular Calendar
- 02/04/2026 - House: Read second time
- 02/04/2026 - House: committee substitute agreed to
- 02/04/2026 - House: Engrossed by House - committee substitute
- 02/05/2026 - House: Fiscal Impact Statement from Department of Planning and Budget (HB196)
- 02/05/2026 - House: Read third time and passed House (92-Y 6-N 0-A)
