Virginia cities gain new tools to increase affordable housing supply

"The new law authorizes localities to offer developers optional increases in density in exchange for providing moderately priced housing, a form of voluntary inclusionary zoning. Local governments also may use a mix of tools, including lot size reductions, dimensional or form modifications, higher floor area ratios, accessory dwelling unit allowances, and the option for builders to pay into a local housing trust fund instead of constructing units on-site."

"Before adopting a program, a locality must establish an advisory committee that includes residents, developers, real estate professionals, finance experts and affordable housing advocates to help design and oversee the ordinance."

Legislation aimed at improving housing affordability in Virginia has been introduced with bipartisan support. Governor Spanberger emphasized the need for results in addressing the high cost of living. The new law allows localities to offer developers density increases for moderately priced housing. Local governments can utilize various tools, including lot size reductions and accessory dwelling unit allowances. An advisory committee must be established by localities to oversee the program, ensuring input from various stakeholders, including residents and housing advocates.

Read at www.housingwire.com