                                 CODE OF VIRGINIA

FINANCING OF OPERATIONS (§ 15.2-7509)

A. A land bank entity may receive funding through grants and loans from the
locality or localities that created or are currently participating in the land
bank entity, the Commonwealth, the federal government, and other public and
private sources.

B. A land bank entity may receive and retain payments for (i) services rendered,
(ii) rents and lease payments received, (iii) consideration for disposition of
real and personal property, (iv) proceeds of insurance coverage for losses
incurred, (v) income from investments, and (vi) any other asset and activity
lawfully permitted to a land bank entity under the Act.

C. Up to 50 percent of the real property taxes collected on real property
conveyed by a land bank entity may be remitted to the land bank entity. Such
allocation of property tax revenues shall commence with the first taxable year
following the date of conveyance and continue for a period of up to 10 years.

HISTORY: 2016, cc. 159, 383.