Virginia considers $1 property sale to non-citizen developers under new proposal

Virginia's House Bill 2745, introduced on January 27, 2025, aims to facilitate the sale of certain properties owned by non-U.S. citizens or entities to qualified developers for a nominal fee of one dollar. The bill is designed to address the issue of underutilized properties by allowing localities to sell these assets, provided there are no outstanding financial obligations tied to them.

Key provisions of the bill stipulate that local governing bodies must issue a request for proposals (RFP) to identify developers who can present plans for the "highest and best use" of the property. The locality will then select a developer based on their financial capability to execute the proposed development.

The bill has sparked discussions regarding its implications for property ownership and development in Virginia. Supporters argue that it could revitalize neglected areas and stimulate economic growth by attracting investment. However, critics express concerns about the potential for foreign entities to gain control over local assets, raising questions about national security and community interests.

As the bill progresses through the legislative process, it may undergo amendments to address these concerns. Experts suggest that if passed, HB2745 could significantly impact local economies, particularly in areas with high levels of vacant or underused properties. The outcome of this bill will be closely monitored, as it reflects broader trends in property management and development policies across the United States.