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Staff proposes tax‑increment performance grant to incentivize workforce housing in Virginia Beach
Summary
City staff outlined a new ‘Attainable Workforce Housing Performance Grant’ using a share of incremental real‑estate tax from development to make new affordable rental projects financially viable; an ordinance is expected to go to council in April.
City staff presented a proposed grant program to the Virginia Beach Development Authority on March 11 that would use a share of incremental real‑estate tax revenues produced by a new development to subsidize construction of workforce and affordable rental housing.
Ruthie (staff presenter) and subject matter expert Sharon Shiff described the proposed program, to be called the Attainable Workforce Housing Performance Grant, and said it is being developed under an amendment to Virginia’s Industrial Development and Revenue Bond Act enacted by the General Assembly in 2022. Ruthie told the authority the grant would pay a developer a percentage of incremental real estate taxes…
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