                                 CODE OF VIRGINIA

REVIEW AND TERMINATION OF HOUSING REVITALIZATION ZONE (§ 36-169)

A. Upon designation of an area as a housing revitalization zone, the proposals
for regulatory flexibility, tax incentives and other public incentives specified
in this chapter shall be binding upon the local governing body to the extent and
for the period of time specified in the application for zone designation. If the
local governing body is unable or unwilling to provide the regulatory
flexibility, tax incentives or other public incentives as proposed in the
application for zone designation, the housing revitalization zone shall
terminate. Notwithstanding the provisions of &#xA7; 36-166, qualified business
firms and qualified owner occupants located in such housing revitalization zone
shall be eligible to receive the grants provided by this chapter for a period of
two years after the zone designation has terminated. No business firm or owner
occupant may become a qualified business firm or qualified owner occupant after
the date of zone termination. The governing body may amend its application with
the approval of the Department, provided the governing body proposes an
incentive equal to or superior to the unamended application.

B. The Department shall periodically review the effectiveness of the grant
program and local incentives in increasing investment in each housing
revitalization zone. If no business firms or owner occupants in a housing
revitalization zone have qualified for grants provided pursuant to this chapter
within a five-year period, the Department shall terminate that housing
revitalization zone designation.

HISTORY: 2000, cc. 789, 795; 2004, c. 577.