Virginia Land Conservation Foundation; purposes of foundation, easements.

The mandatory requirement for holders of non-fee simple land interests to jointly hold the interest with a public body was removed. The Board can now waive this requirement if the holder is accredited by the national Land Trust Accreditation Commission or meets similar standards, provided the easement includes a third-party right of enforcement.

The rule for fee simple land acquisitions was simplified; the previous option for a reversionary interest held by the Board was removed, now requiring a public body to hold an open space easement.

Minor formatting updates were applied to section headers and citation numbers throughout the text to align with the final enrolled version.

The bill's subject matter changed from conservation easement holder qualifications to the administration and funding of the Virginia Land Conservation Fund.

New provisions were added to create a special nonreverting fund for acquiring land interests and providing grants for ecological, cultural, and agricultural preservation.

Specific allocation formulas were added, directing 25% of funds to the Virginia Outdoors Foundation and dividing the remainder among natural areas, open spaces, farmlands, forests, and historic sites.

New rules were established requiring that land acquired with grants be held jointly by public bodies or accredited land trusts, and that fee simple interests include protective reversionary interests.

A new administrative expense cap was added, limiting administrative costs to up to 20% of unrestricted funds or $250,000 per year in interest.