Virginia Residential Landlord and Tenant Act; units occupied by elderly tenants.

Virginia Residential Landlord and Tenant Act;units occupied by elderly tenants; rent stabilization allowance.Allows any locality to adopt rent stabilization provisions to prohibitany landlord, defined in the bill, from increasing the rent on anyunit in which an elderly tenant, defined in the bill, resides byan amount that exceeds such locality's rent stabilization allowance.The bill defines "rent stabilization allowance" as the percentage increase in the Consumer Price Index, for the region in which thelocality sits, from March in the preceding year to March in the currentyear, plus two percent. Finally, the bill requires any rent stabilizationordinance to include a procedure by which a landlord may apply foran exemption if the net operating income generated by the rentaldwelling unit has not been maintained due to escalating operatingexpenses or for other appropriate reasons as established by the locality.