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Senate panel advances review of bills on assumable mortgages, employer down-payment aid and algorithmic rent tools
Summary
The Senate technology committee on Feb. 12 advanced several housing-related proposals for additional study, including a bill to make private mortgages assumable, a proposal for an employer down-payment assistance program and debate over software that recommends rents.
Senate committee members voted on motions to send several housing proposals to further study rather than take final action, as witnesses and stakeholders outlined sharply different views on whether the measures would ease Virginia—s housing shortage or create new legal and market risks.
Sponsor Senator Sturtevant brought three related housing measures to the panel: Senate Bill 11 39, a concept to create an employer-based down-payment assistance program; Senate Bill 14 52, to make mortgages in Virginia assumable; and a proposal to fold SB 11 40 into another bill (SB 14 24). The committee voted to pass SB 11 39 to the Virginia Housing Commission for review and to place SB 14 52 in the committee—s file for further study.
Why it matters: Lawmakers said they are looking for near-term tools that let renters and owners move despite today—s higher mortgage rates, while stakeholders warned of unintended consequences that could affect lenders, credit unions and the broader mortgage market.
Assumable mortgages (SB 14 52) Senator Sturtevant said the bill would extend assumability beyond VA, FHA and USDA…
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