Virginia Enacts Law Granting Localities Right of First Refusal for Expiring Affordable Housing Properties
Virginia has implemented a new law, championed by Sen. Elizabeth Bennett-Parker, D-Alexandria, that empowers local governments with the right of first refusal when affordable housing properties are put up for sale. This legislation allows cities and counties to purchase apartments whose affordability status, often tied to federal Low Income Housing Tax Credits (LIHTC), is nearing expiration. The goal is to prevent the displacement of residents by preserving these units as affordable housing, rather than allowing them to transition to market-rate prices if acquired by private buyers. A newly launched digital dashboard, a collaborative effort by Housing Forward Virginia, Virginia Housing Alliance, and Locus Impact, tracks these expiring affordability terms across the state. Over 18,000 of Virginia's nearly 108,000 LIHTC units are projected to lose their affordable status by 2030, with some expiring within the next year. Examples include Chicago Manor in Richmond, Hillside in Tazewell, and Fields at Cascades ...
