Housing

This bill amends Virginia's condominium law to improve transparency and accountability for condominium associations. It requires associations to hold annual meetings, allows meetings to be conducted electronically with proper notice, and mandates that meeting minutes be made available to owners within 30 days. The bill also establishes a new requirement for independent financial audits every five years for associations governing more than 20 units, with copies available to all unit owners upon request. Additionally, it creates a condominium ombudsman position to assist owners with disputes and clarifies rules for accessing association records like financial statements and contracts.

Allows faith-based organizations to develop affordable housing on land they own provided at least 50 % of the housing to be developed is low- or moderate-income housing and the land is owned or held in trust by the faith-based organizations.

Clarifies how condominium insurance deductibles and unpaid losses are divided between associations and unit owners, require owners to insure units if associations do not, and allow boards to manage and use insurance proceeds for repairs.

SB 2422 allows the town of Jamestown to expand tax exemptions for seniors aged 65+ who own and occupy their primary residence. It establishes income-based exemption tiers (10% to 60% off property taxes) based on household income relative to federal poverty guidelines, with stricter rules for higher-income seniors. To qualify, applicants must be Jamestown residents for five years, own only residential property (not income-producing), and provide proof of income. The bill does not change existing statewide tax rules but gives Jamestown local authority to adjust its senior exemption program through town ordinances.

SB 2041 authorizes the town council of Little Compton to establish a homestead exemption that reduces property taxes for residential homeowners. The exemption starts at 10% of the town's average property value in the first year and can be adjusted annually between 5% and 15% by town meeting vote. Registered voters who live in and own their homes automatically qualify, while non-voter residents must apply with ID and utility proof. Rental properties with fixed-year leases may also qualify under specific conditions. This bill directly affects Little Compton homeowners and renters meeting residency requirements.