                                 CODE OF VIRGINIA

DEFINITIONS (§ 36-156.1)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Authority&#8221; means the Virginia Resources Authority.
		&#8220;Bona fide prospective purchaser&#8221; means a person who acquires
ownership, or proposes to acquire ownership, of real property affected by
defective drywall.
		&#8220;Cost,&#8221; as applied to any project financed under the provisions of
this chapter, means the reasonable and necessary costs incurred for carrying out
all works and undertakings necessary or incident to the correction or
elimination of defective drywall. It includes, without limitation, all necessary
developmental, planning, and feasibility studies, surveys, plans, and
specifications; architectural, engineering, financial, legal, or other special
services; site assessments, remediation, containment, and demolition or removal
of existing structures or portions thereof; the discharge of any obligation of
the seller of such land, buildings, or improvements; labor; materials,
machinery, and equipment; the funding of accounts and reserves that the
Authority may require; the reasonable costs of financing incurred by the local
government in the course of the development of the project; carrying charges
incurred prior to completion of the project; and the cost of other items that
the Authority determines to be reasonable and necessary.
		&#8220;Defective drywall&#8221; means drywall or similar building material
composed of dried gypsum-based plaster that (i) contains elemental sulfur
exceeding 10 parts per million as has been found in some drywall manufactured in
the People&#8217;s Republic of China and imported into the United States between
2004 and 2007 and, when exposed to heat, humidity, or both, releases elevated
levels of hydrogen sulfide gas into the air or (ii) has been designated by the
U.S. Consumer Product Safety Commission as a product with a product defect that
constitutes a substantial product hazard within the meaning of § 15 (a)(2) of
the Consumer Product Safety Act (15 U.S.C. § 2064 (a)(2)).
		&#8220;Department&#8221; means the Department of Housing and Community
Development.
		&#8220;Director&#8221; means the Director of the Department of Housing and
Community Development.
		&#8220;Fund&#8221; means the Virginia Defective Drywall Correction and
Restoration Assistance Fund.
		&#8220;Innocent land owner&#8221; means a person who holds any title, security
interest, or any other interest in residential real property and who acquired
that interest after the installation of defective drywall occurred.
		&#8220;Local government&#8221; means any county, city, town, municipal
corporation, authority, district, commission, or political subdivision of the
Commonwealth created by the General Assembly or otherwise created pursuant to
the laws of the Commonwealth or any combination of the foregoing.

HISTORY: 2010, c. 820; 2012, c. 368.