A. In furtherance of the purpose of providing affordable shelter for allresidents of the Commonwealth, the governing body of any locality, other thanlocalities to which § 15.2-2304 applies, may by amendment to the zoningordinances of such locality provide for an affordable housing dwelling unitprogram. Such program shall address housing needs, promote a full range ofhousing choices, and encourage the construction and continued existence ofhousing affordable to low and moderate income citizens, determined inaccordance with the locality's definition of affordable housing, by providingfor increases in density to the applicant in exchange for the applicantproviding such affordable housing. Any local ordinance providing optionalincreases in density for provision of low and moderate income housing adoptedbefore December 31, 1988, shall continue in full force and effect. Any localordinance may authorize the governing body to (i) establish qualifyingjurisdiction-wide affordable dwelling unit sales prices based on local marketconditions, (ii) establish jurisdiction-wide affordable dwelling unitqualifying income guidelines, and (iii) offer incentives other than densityincreases, such as reductions or waiver of permit, development, andinfrastructure fees, as the governing body deems appropriate to encourage theprovision of affordable housing. Counties to which § 15.2-2304 applies shallbe governed by the provisions of § 15.2-2304 for purposes of the adoption ofan affordable dwelling unit ordinance.
B. Any zoning ordinance establishing an affordable housing dwelling unitprogram may include, among other things, reasonable regulations andprovisions as to any or all of the following:
1. A definition of affordable housing and affordable dwelling units.
2. For application of the requirements of an affordable housing dwelling unitprogram to any site, as defined by the locality, or a portion thereof at onelocation which is the subject of an application for rezoning or specialexception or, at the discretion of the local governing body, site plan orsubdivision plat which yields, as submitted by the applicant, at anequivalent density greater than one unit per acre and which is located withinan approved sewer area.
3. For an increase of up to 30 percent in the developable density of eachsite subject to the ordinance and for a provision requiring up to 17 percentof the total units approved, including the optional density increase, to beaffordable dwelling units, as defined in the ordinance. In the event a 30percent increase is not achieved, the percentage of affordable dwelling unitsrequired shall maintain the same ratio of 30 percent to 17 percent.
4. For increases by up to 30 percent of the density or of the lower and upperend of the density range set forth in the comprehensive plan of such localityapplicable to rezoning and special exception applications that requestapproval of single family detached dwelling units or single family attacheddwelling units, when such applications are approved after the effective dateof a local affordable housing zoning ordinance amendment.
5. For a requirement that not less than 17 percent of the total number ofdwelling units approved pursuant to a zoning ordinance amendment enactedpursuant to subdivision B 4 of this section shall be affordable dwellingunits, as defined by the local zoning ordinance unless reduced by the 30 to17 percent ratio pursuant to subdivision B 3 of this section.
6. For establishment of a local housing fund as part of its affordablehousing dwelling unit program to assist in achieving the affordable housinggoals of the locality pursuant to this section. The local housing fund may bea dedicated fund within the other funds of the locality, but any fundsreceived pursuant to this section shall be used for achieving the affordablehousing goals of the locality.
7. For reasonable regulations requiring the affordable dwelling units to bebuilt and offered for sale or rental concurrently with the construction andcertificate of occupancy of a reasonable proportion of the market rate units.
8. For standards of compliance with the provisions of an affordable housingdwelling unit program and for the authority of the local governing body orits designee to enforce compliance with such standards and impose reasonablepenalties for noncompliance, provided that a local zoning ordinance providefor an appeal process for any party aggrieved by a decision of the localgoverning body.
C. For any building which is four stories or above and has an elevator, theapplicant may request, and the locality shall consider, the unique ancillarycosts associated with living in such a building in determining whether suchhousing will be affordable under the definition established by the localityin its ordinance adopted pursuant to this section. However, for localitiesunder this section in Planning District Eight, nothing in this section shallapply to any elevator structure four stories or above.
D. Any ordinance adopted hereunder shall provide that the local governingbody shall have no more than 280 days in which to process site or subdivisionplans proposing the development or construction of affordable housing oraffordable dwelling units under such ordinance. The calculation of suchperiod of review shall include only the time that plans are in review by thelocal governing body and shall not include such time as may be required forrevision or modification in order to comply with lawful requirements setforth in applicable ordinances and regulations.
E. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of § 15.2-1427 B, reasonable regulations and provisionsas to any or all of the following:
1. For administration and regulation by a local housing authority or by thelocal governing body or its designee of the sale and rental of affordableunits.
2. For a local housing authority or local governing body or its designee tohave an exclusive right to purchase up to one-third of the for-saleaffordable housing dwelling units within a development within ninety days ofa dwelling unit being completed and ready for purchase, provided that theremaining two-thirds of such units be offered for sale exclusively for aninety-day period to persons who meet the income criteria established by thelocal housing authority or local governing body or the latter's designee.
3. For a local housing authority or local governing body or its designee tohave an exclusive right to lease up to a specified percentage of the rentalaffordable dwelling units within a development within a controlled perioddetermined by the housing authority or local governing body or its designee,provided that the remaining for-rental affordable dwelling units within adevelopment be offered to persons who meet the income criteria established bythe local housing authority or local governing body or its designee.
4. For the establishment of jurisdiction-wide affordable dwelling unit salesprices by the local housing authority or local governing body or the latter'sdesignee, initially and adjusted semiannually, based on a determination ofall ordinary, necessary and reasonable costs required to construct theaffordable dwelling unit prototype dwellings by private industry afterconsidering written comment by the public, local housing authority oradvisory body to the local governing body, and other information such as thearea's current general market and economic conditions, provided that salesprices not include the cost of land, on-site sales commissions and marketingexpenses, but may include, among other costs, builder-paid permanent mortgageplacement costs and buy-down fees and closing costs except prepaid expensesrequired at settlement.
5. For the establishment of jurisdiction-wide affordable dwelling unit rentalprices by a local housing authority or local governing body or its designee,initially and adjusted semiannually, based on a determination of allordinary, necessary and reasonable costs required to construct and market therequired number of affordable dwelling rental units by private industry inthe area, after considering written comment by the public, local housingauthority, or advisory body to the local governing body, and otherinformation such as the area's current general market and economic conditions.
6. For a requirement that the prices for resales and rerentals be controlledby the local housing authority or local governing body or designee for aperiod of not less than 15 years nor more than 50 years after the initialsale or rental transaction for each affordable dwelling unit, provided thatthe ordinance further provide for reasonable rules and regulations toimplement a price control provision.
7. For establishment of an affordable dwelling unit advisory board whichshall, among other things, advise the jurisdiction on sales and rental pricesof affordable dwelling units; advise the housing authority or local governingbody or its designees on requests for modifications of the requirements of anaffordable dwelling unit program; adopt regulations concerning itsrecommendations of sales and rental prices of affordable dwelling units; andadopt procedures concerning requests for modifications of an affordablehousing dwelling unit program. Members of the board, to be ten in number andto be appointed by the governing body, shall be qualified as follows: twomembers shall be either civil engineers or architects, each of whom shall beregistered or certified with the relevant agency of the Commonwealth, orplanners, all of whom shall have extensive experience in practice in thelocality; one member shall be a real estate salesperson or broker, licensedin accordance with Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1; one membershall be a representative of a lending institution which finances residentialdevelopment in the locality; four members shall consist of a representativefrom a local housing authority or local governing body or its designee, aresidential builder with extensive experience in producing single-familydetached and attached dwelling units, a residential builder with extensiveexperience in producing multiple-family dwelling units, and a representativefrom either the public works or planning department of the locality; onemember may be a representative of a nonprofit housing organization whichprovides services in the locality; and one citizen of the locality. At leastfour members of the advisory board shall be employed in the locality.
F. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of subsection B of § 15.2-1427, reasonable regulationsand provisions as to the following:
The sales and rental price for affordable dwelling units within a developmentshall be established such that the owner/applicant shall not suffer economicloss as a result of providing the required affordable dwelling units."Economic loss" for sales units means that result when the owner orapplicant of a development fails to recoup the cost of construction andcertain allowances as may be determined by the designee of the governing bodyfor the affordable dwelling units, exclusive of the cost of land acquisitionand cost voluntarily incurred but not authorized by the ordinance, upon thesale of an affordable dwelling unit.
(1990, c. 834, § 15.1-491.9; 1991, c. 599; 1992, c. 244; 1993, c. 437; 1994,cc. 88, 679; 1996, cc. 233, 426; 1997, cc. 587, 607; 2007, cc. 695, 713;2008, c. 790.)
A. In furtherance of the purpose of providing affordable shelter for allresidents of the Commonwealth, the governing body of any locality, other thanlocalities to which § 15.2-2304 applies, may by amendment to the zoningordinances of such locality provide for an affordable housing dwelling unitprogram. Such program shall address housing needs, promote a full range ofhousing choices, and encourage the construction and continued existence ofhousing affordable to low and moderate income citizens, determined inaccordance with the locality's definition of affordable housing, by providingfor increases in density to the applicant in exchange for the applicantproviding such affordable housing. Any local ordinance providing optionalincreases in density for provision of low and moderate income housing adoptedbefore December 31, 1988, shall continue in full force and effect. Any localordinance may authorize the governing body to (i) establish qualifyingjurisdiction-wide affordable dwelling unit sales prices based on local marketconditions, (ii) establish jurisdiction-wide affordable dwelling unitqualifying income guidelines, and (iii) offer incentives other than densityincreases, such as reductions or waiver of permit, development, andinfrastructure fees, as the governing body deems appropriate to encourage theprovision of affordable housing. Counties to which § 15.2-2304 applies shallbe governed by the provisions of § 15.2-2304 for purposes of the adoption ofan affordable dwelling unit ordinance.
B. Any zoning ordinance establishing an affordable housing dwelling unitprogram may include, among other things, reasonable regulations andprovisions as to any or all of the following:
1. A definition of affordable housing and affordable dwelling units.
2. For application of the requirements of an affordable housing dwelling unitprogram to any site, as defined by the locality, or a portion thereof at onelocation which is the subject of an application for rezoning or specialexception or, at the discretion of the local governing body, site plan orsubdivision plat which yields, as submitted by the applicant, at anequivalent density greater than one unit per acre and which is located withinan approved sewer area.
3. For an increase of up to 30 percent in the developable density of eachsite subject to the ordinance and for a provision requiring up to 17 percentof the total units approved, including the optional density increase, to beaffordable dwelling units, as defined in the ordinance. In the event a 30percent increase is not achieved, the percentage of affordable dwelling unitsrequired shall maintain the same ratio of 30 percent to 17 percent.
4. For increases by up to 30 percent of the density or of the lower and upperend of the density range set forth in the comprehensive plan of such localityapplicable to rezoning and special exception applications that requestapproval of single family detached dwelling units or single family attacheddwelling units, when such applications are approved after the effective dateof a local affordable housing zoning ordinance amendment.
5. For a requirement that not less than 17 percent of the total number ofdwelling units approved pursuant to a zoning ordinance amendment enactedpursuant to subdivision B 4 of this section shall be affordable dwellingunits, as defined by the local zoning ordinance unless reduced by the 30 to17 percent ratio pursuant to subdivision B 3 of this section.
6. For establishment of a local housing fund as part of its affordablehousing dwelling unit program to assist in achieving the affordable housinggoals of the locality pursuant to this section. The local housing fund may bea dedicated fund within the other funds of the locality, but any fundsreceived pursuant to this section shall be used for achieving the affordablehousing goals of the locality.
7. For reasonable regulations requiring the affordable dwelling units to bebuilt and offered for sale or rental concurrently with the construction andcertificate of occupancy of a reasonable proportion of the market rate units.
8. For standards of compliance with the provisions of an affordable housingdwelling unit program and for the authority of the local governing body orits designee to enforce compliance with such standards and impose reasonablepenalties for noncompliance, provided that a local zoning ordinance providefor an appeal process for any party aggrieved by a decision of the localgoverning body.
C. For any building which is four stories or above and has an elevator, theapplicant may request, and the locality shall consider, the unique ancillarycosts associated with living in such a building in determining whether suchhousing will be affordable under the definition established by the localityin its ordinance adopted pursuant to this section. However, for localitiesunder this section in Planning District Eight, nothing in this section shallapply to any elevator structure four stories or above.
D. Any ordinance adopted hereunder shall provide that the local governingbody shall have no more than 280 days in which to process site or subdivisionplans proposing the development or construction of affordable housing oraffordable dwelling units under such ordinance. The calculation of suchperiod of review shall include only the time that plans are in review by thelocal governing body and shall not include such time as may be required forrevision or modification in order to comply with lawful requirements setforth in applicable ordinances and regulations.
E. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of § 15.2-1427 B, reasonable regulations and provisionsas to any or all of the following:
1. For administration and regulation by a local housing authority or by thelocal governing body or its designee of the sale and rental of affordableunits.
2. For a local housing authority or local governing body or its designee tohave an exclusive right to purchase up to one-third of the for-saleaffordable housing dwelling units within a development within ninety days ofa dwelling unit being completed and ready for purchase, provided that theremaining two-thirds of such units be offered for sale exclusively for aninety-day period to persons who meet the income criteria established by thelocal housing authority or local governing body or the latter's designee.
3. For a local housing authority or local governing body or its designee tohave an exclusive right to lease up to a specified percentage of the rentalaffordable dwelling units within a development within a controlled perioddetermined by the housing authority or local governing body or its designee,provided that the remaining for-rental affordable dwelling units within adevelopment be offered to persons who meet the income criteria established bythe local housing authority or local governing body or its designee.
4. For the establishment of jurisdiction-wide affordable dwelling unit salesprices by the local housing authority or local governing body or the latter'sdesignee, initially and adjusted semiannually, based on a determination ofall ordinary, necessary and reasonable costs required to construct theaffordable dwelling unit prototype dwellings by private industry afterconsidering written comment by the public, local housing authority oradvisory body to the local governing body, and other information such as thearea's current general market and economic conditions, provided that salesprices not include the cost of land, on-site sales commissions and marketingexpenses, but may include, among other costs, builder-paid permanent mortgageplacement costs and buy-down fees and closing costs except prepaid expensesrequired at settlement.
5. For the establishment of jurisdiction-wide affordable dwelling unit rentalprices by a local housing authority or local governing body or its designee,initially and adjusted semiannually, based on a determination of allordinary, necessary and reasonable costs required to construct and market therequired number of affordable dwelling rental units by private industry inthe area, after considering written comment by the public, local housingauthority, or advisory body to the local governing body, and otherinformation such as the area's current general market and economic conditions.
6. For a requirement that the prices for resales and rerentals be controlledby the local housing authority or local governing body or designee for aperiod of not less than 15 years nor more than 50 years after the initialsale or rental transaction for each affordable dwelling unit, provided thatthe ordinance further provide for reasonable rules and regulations toimplement a price control provision.
7. For establishment of an affordable dwelling unit advisory board whichshall, among other things, advise the jurisdiction on sales and rental pricesof affordable dwelling units; advise the housing authority or local governingbody or its designees on requests for modifications of the requirements of anaffordable dwelling unit program; adopt regulations concerning itsrecommendations of sales and rental prices of affordable dwelling units; andadopt procedures concerning requests for modifications of an affordablehousing dwelling unit program. Members of the board, to be ten in number andto be appointed by the governing body, shall be qualified as follows: twomembers shall be either civil engineers or architects, each of whom shall beregistered or certified with the relevant agency of the Commonwealth, orplanners, all of whom shall have extensive experience in practice in thelocality; one member shall be a real estate salesperson or broker, licensedin accordance with Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1; one membershall be a representative of a lending institution which finances residentialdevelopment in the locality; four members shall consist of a representativefrom a local housing authority or local governing body or its designee, aresidential builder with extensive experience in producing single-familydetached and attached dwelling units, a residential builder with extensiveexperience in producing multiple-family dwelling units, and a representativefrom either the public works or planning department of the locality; onemember may be a representative of a nonprofit housing organization whichprovides services in the locality; and one citizen of the locality. At leastfour members of the advisory board shall be employed in the locality.
F. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of subsection B of § 15.2-1427, reasonable regulationsand provisions as to the following:
The sales and rental price for affordable dwelling units within a developmentshall be established such that the owner/applicant shall not suffer economicloss as a result of providing the required affordable dwelling units."Economic loss" for sales units means that result when the owner orapplicant of a development fails to recoup the cost of construction andcertain allowances as may be determined by the designee of the governing bodyfor the affordable dwelling units, exclusive of the cost of land acquisitionand cost voluntarily incurred but not authorized by the ordinance, upon thesale of an affordable dwelling unit.
(1990, c. 834, § 15.1-491.9; 1991, c. 599; 1992, c. 244; 1993, c. 437; 1994,cc. 88, 679; 1996, cc. 233, 426; 1997, cc. 587, 607; 2007, cc. 695, 713;2008, c. 790.)
A. In furtherance of the purpose of providing affordable shelter for allresidents of the Commonwealth, the governing body of any locality, other thanlocalities to which § 15.2-2304 applies, may by amendment to the zoningordinances of such locality provide for an affordable housing dwelling unitprogram. Such program shall address housing needs, promote a full range ofhousing choices, and encourage the construction and continued existence ofhousing affordable to low and moderate income citizens, determined inaccordance with the locality's definition of affordable housing, by providingfor increases in density to the applicant in exchange for the applicantproviding such affordable housing. Any local ordinance providing optionalincreases in density for provision of low and moderate income housing adoptedbefore December 31, 1988, shall continue in full force and effect. Any localordinance may authorize the governing body to (i) establish qualifyingjurisdiction-wide affordable dwelling unit sales prices based on local marketconditions, (ii) establish jurisdiction-wide affordable dwelling unitqualifying income guidelines, and (iii) offer incentives other than densityincreases, such as reductions or waiver of permit, development, andinfrastructure fees, as the governing body deems appropriate to encourage theprovision of affordable housing. Counties to which § 15.2-2304 applies shallbe governed by the provisions of § 15.2-2304 for purposes of the adoption ofan affordable dwelling unit ordinance.
B. Any zoning ordinance establishing an affordable housing dwelling unitprogram may include, among other things, reasonable regulations andprovisions as to any or all of the following:
1. A definition of affordable housing and affordable dwelling units.
2. For application of the requirements of an affordable housing dwelling unitprogram to any site, as defined by the locality, or a portion thereof at onelocation which is the subject of an application for rezoning or specialexception or, at the discretion of the local governing body, site plan orsubdivision plat which yields, as submitted by the applicant, at anequivalent density greater than one unit per acre and which is located withinan approved sewer area.
3. For an increase of up to 30 percent in the developable density of eachsite subject to the ordinance and for a provision requiring up to 17 percentof the total units approved, including the optional density increase, to beaffordable dwelling units, as defined in the ordinance. In the event a 30percent increase is not achieved, the percentage of affordable dwelling unitsrequired shall maintain the same ratio of 30 percent to 17 percent.
4. For increases by up to 30 percent of the density or of the lower and upperend of the density range set forth in the comprehensive plan of such localityapplicable to rezoning and special exception applications that requestapproval of single family detached dwelling units or single family attacheddwelling units, when such applications are approved after the effective dateof a local affordable housing zoning ordinance amendment.
5. For a requirement that not less than 17 percent of the total number ofdwelling units approved pursuant to a zoning ordinance amendment enactedpursuant to subdivision B 4 of this section shall be affordable dwellingunits, as defined by the local zoning ordinance unless reduced by the 30 to17 percent ratio pursuant to subdivision B 3 of this section.
6. For establishment of a local housing fund as part of its affordablehousing dwelling unit program to assist in achieving the affordable housinggoals of the locality pursuant to this section. The local housing fund may bea dedicated fund within the other funds of the locality, but any fundsreceived pursuant to this section shall be used for achieving the affordablehousing goals of the locality.
7. For reasonable regulations requiring the affordable dwelling units to bebuilt and offered for sale or rental concurrently with the construction andcertificate of occupancy of a reasonable proportion of the market rate units.
8. For standards of compliance with the provisions of an affordable housingdwelling unit program and for the authority of the local governing body orits designee to enforce compliance with such standards and impose reasonablepenalties for noncompliance, provided that a local zoning ordinance providefor an appeal process for any party aggrieved by a decision of the localgoverning body.
C. For any building which is four stories or above and has an elevator, theapplicant may request, and the locality shall consider, the unique ancillarycosts associated with living in such a building in determining whether suchhousing will be affordable under the definition established by the localityin its ordinance adopted pursuant to this section. However, for localitiesunder this section in Planning District Eight, nothing in this section shallapply to any elevator structure four stories or above.
D. Any ordinance adopted hereunder shall provide that the local governingbody shall have no more than 280 days in which to process site or subdivisionplans proposing the development or construction of affordable housing oraffordable dwelling units under such ordinance. The calculation of suchperiod of review shall include only the time that plans are in review by thelocal governing body and shall not include such time as may be required forrevision or modification in order to comply with lawful requirements setforth in applicable ordinances and regulations.
E. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of § 15.2-1427 B, reasonable regulations and provisionsas to any or all of the following:
1. For administration and regulation by a local housing authority or by thelocal governing body or its designee of the sale and rental of affordableunits.
2. For a local housing authority or local governing body or its designee tohave an exclusive right to purchase up to one-third of the for-saleaffordable housing dwelling units within a development within ninety days ofa dwelling unit being completed and ready for purchase, provided that theremaining two-thirds of such units be offered for sale exclusively for aninety-day period to persons who meet the income criteria established by thelocal housing authority or local governing body or the latter's designee.
3. For a local housing authority or local governing body or its designee tohave an exclusive right to lease up to a specified percentage of the rentalaffordable dwelling units within a development within a controlled perioddetermined by the housing authority or local governing body or its designee,provided that the remaining for-rental affordable dwelling units within adevelopment be offered to persons who meet the income criteria established bythe local housing authority or local governing body or its designee.
4. For the establishment of jurisdiction-wide affordable dwelling unit salesprices by the local housing authority or local governing body or the latter'sdesignee, initially and adjusted semiannually, based on a determination ofall ordinary, necessary and reasonable costs required to construct theaffordable dwelling unit prototype dwellings by private industry afterconsidering written comment by the public, local housing authority oradvisory body to the local governing body, and other information such as thearea's current general market and economic conditions, provided that salesprices not include the cost of land, on-site sales commissions and marketingexpenses, but may include, among other costs, builder-paid permanent mortgageplacement costs and buy-down fees and closing costs except prepaid expensesrequired at settlement.
5. For the establishment of jurisdiction-wide affordable dwelling unit rentalprices by a local housing authority or local governing body or its designee,initially and adjusted semiannually, based on a determination of allordinary, necessary and reasonable costs required to construct and market therequired number of affordable dwelling rental units by private industry inthe area, after considering written comment by the public, local housingauthority, or advisory body to the local governing body, and otherinformation such as the area's current general market and economic conditions.
6. For a requirement that the prices for resales and rerentals be controlledby the local housing authority or local governing body or designee for aperiod of not less than 15 years nor more than 50 years after the initialsale or rental transaction for each affordable dwelling unit, provided thatthe ordinance further provide for reasonable rules and regulations toimplement a price control provision.
7. For establishment of an affordable dwelling unit advisory board whichshall, among other things, advise the jurisdiction on sales and rental pricesof affordable dwelling units; advise the housing authority or local governingbody or its designees on requests for modifications of the requirements of anaffordable dwelling unit program; adopt regulations concerning itsrecommendations of sales and rental prices of affordable dwelling units; andadopt procedures concerning requests for modifications of an affordablehousing dwelling unit program. Members of the board, to be ten in number andto be appointed by the governing body, shall be qualified as follows: twomembers shall be either civil engineers or architects, each of whom shall beregistered or certified with the relevant agency of the Commonwealth, orplanners, all of whom shall have extensive experience in practice in thelocality; one member shall be a real estate salesperson or broker, licensedin accordance with Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1; one membershall be a representative of a lending institution which finances residentialdevelopment in the locality; four members shall consist of a representativefrom a local housing authority or local governing body or its designee, aresidential builder with extensive experience in producing single-familydetached and attached dwelling units, a residential builder with extensiveexperience in producing multiple-family dwelling units, and a representativefrom either the public works or planning department of the locality; onemember may be a representative of a nonprofit housing organization whichprovides services in the locality; and one citizen of the locality. At leastfour members of the advisory board shall be employed in the locality.
F. A locality establishing an affordable housing dwelling unit program in anyordinance shall establish in its general ordinances, adopted in accordancewith the requirements of subsection B of § 15.2-1427, reasonable regulationsand provisions as to the following:
The sales and rental price for affordable dwelling units within a developmentshall be established such that the owner/applicant shall not suffer economicloss as a result of providing the required affordable dwelling units."Economic loss" for sales units means that result when the owner orapplicant of a development fails to recoup the cost of construction andcertain allowances as may be determined by the designee of the governing bodyfor the affordable dwelling units, exclusive of the cost of land acquisitionand cost voluntarily incurred but not authorized by the ordinance, upon thesale of an affordable dwelling unit.
(1990, c. 834, § 15.1-491.9; 1991, c. 599; 1992, c. 244; 1993, c. 437; 1994,cc. 88, 679; 1996, cc. 233, 426; 1997, cc. 587, 607; 2007, cc. 695, 713;2008, c. 790.)
