Virginia Senate Bill 1140

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 7 2025 - 25% progression
Action: 2025-01-27 - Fiscal Impact Statement from Department of Planning and Budget (SB1140)
Pending: Senate General Laws and Technology Committee
Hearing: Jan 29 in Senate Room B, Room 306, General Assembly Building
Text: Latest bill text (Introduced) [HTML]

Prohibited acquisition of single family homes; affidavit; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors; is a fiduciary to such investors; has net value or assets under management on any day during a taxable year; and holds an interest in more than fifty single-family homes from acquiring any interest in any other single-family home, as defined in the bill to include manufactured home parks and single family-residential duplexes, on or after July 1, 2025. The bill also requires an offering purchaser of a manufactured home park to provide a notarized affidavit certifying that the purchaser is not prohibited from acquiring such an interest. Any false statements on such affidavit shall be subject to a civil penalty of up to $10,000 per occurrence for deposit into the Revolving Loan Fund for the Purchase of Manufactured Home Parks pursuant to the appropriation act.

Single family homes; prohibited acquisition, civil penalty.

Sen. Glen Sturtevant [R]

Date	Chamber	Action
2025-01-27	Senate	Fiscal Impact Statement from Department of Planning and Budget (SB1140)
2025-01-07	Senate	Referred to Committee on General Laws and Technology
2025-01-07	Senate	Prefiled and ordered printed; Offered 01-08-2025 25103951D

Type	Source
Summary	https://lis.virginia.gov/bill-details/20251/SB1140
Text	https://lis.virginia.gov/bill-details/20251/SB1140/text/SB1140
Supplement	https://lis.blob.core.windows.net/files/1030917.PDF