Bill Text: VA HB733 | 2024 | Regular Session | Prefiled
Bill Title: Virginia Residential Landlord and Tenant Act; units occupied by elderly tenants.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-02-06 - Stricken from docket by General Laws (20-Y 0-N) [HB733 Detail]
Download: Virginia-2024-HB733-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding sections numbered 15.2-959.1 and 55.1-1204.1 as follows:
§15.2-959.1. Rent stabilization for elderly tenants.
A. For purposes of this section:
"Elderly tenant" means a tenant who is at least 60 years of age.
"Landlord" means a landlord who owns more than four rental dwelling units or more than a 10 percent interest in more than four rental dwelling units, whether individually or through a business entity, in the Commonwealth.
"Rent stabilization allowance" means the percentage increase in the Consumer Price Index, for the region in which the locality sits, from March in the preceding year to March in the current year, plus two percent.
B. Any locality may adopt an ordinance to prohibit any landlord from increasing the rent upon any unit in which an elderly tenant resides beyond the locality's rent stabilization allowance in effect at the time of the increase. No such ordinance shall be adopted until the proposed ordinance has been posted on the locality's website and advertised in a newspaper of general circulation in the locality at least two weeks prior to a public hearing on such ordinance. Such locality shall calculate the annual rent stabilization allowance and shall publish such allowance on the locality's website by June 1 of each year. Such allowance shall remain in effect for a 12-month period beginning July 1 of such year.
C. Such ordinance shall provide a procedure by which a landlord may apply for an exemption from the rent stabilization provisions if the net operating income generated by the rental dwelling unit has not been maintained due to escalating operating expenses or for other appropriate reasons as established by the locality.
D. No such ordinance shall apply to any rental dwelling unit that has been granted a certificate of occupancy as required by the locality in which it is situated and was constructed 15 or fewer years ago.
§55.1-1204.1. Rent stabilization for elderly tenants.
A. For the purposes of this section, "elderly tenant" means a tenant who is at least 60 years of age.
B. No landlord who owns more than four rental dwelling units or more than a 10 percent interest in more than four rental dwelling units, whether individually or through a business entity, in the Commonwealth shall increase the rent on any unit occupied by an elderly tenant beyond the rent stabilization allowance in effect pursuant to §15.2-959.1, if any, in the locality in which such unit is located.
