Subcommittee Keeps Corporate‑ownership Review in Five‑Year Housing Assessment, Carries Bill Over

The subcommittee adopted a subcommittee substitute from Delegate Shin that would add language to the Commonwealth’s five‑year housing needs assessment requiring review of parcels owned by certain corporate entities.

Under the substitute, DHCD would review parcels owned by partnerships, corporations or real‑estate investment trusts that manage funds for investors, have net assets under management on any taxable day and that hold interests in more than 50 single‑family homes or more than 10% of manufactured‑home parks as defined in §55.1‑1300. Delegate Shin cited Lincoln Institute data showing higher corporate ownership rates in many Virginia localities and said the change aims to surface supply and equity issues tied to corporate ownership.

The committee debated a friendly amendment offered by Delegate Maldonado to retain the language adding the corporate‑ownership review while striking the broader enactment/study language; counsel and the sponsor said removing the enactment clause helped secure stakeholder neutrality from bankers and realtors. The amendment was adopted and a subsequent substitute motion to carry the bill over until the next session carried, giving sponsors time to refine language.

Anne Grama Tatus and other advocates testified in support, urging broader protections and noting delayed disclosure patterns. The chair said the carriage preserves options and gives stakeholders time to reach consensus before full committee consideration.

The subcommittee’s action keeps the reporting requirement in the housing needs assessment but postpones final action to a later session for further drafting and stakeholder engagement.