New Virginia Housing Laws Housing HB 331. First-time home buyer savings accounts. The law establishes first-time home buyer savings accounts to be used solely for the down payment and closing costs incurred for the purchase of a home by a first-time home buyer. Any income earned on a first-time home buyer savings account may be deducted for Virginia income tax purposes. No more than $50,000 in principal may be contributed to a first-time home buyer savings account, and the maximum balance that may be retained in an account is $150,000. HB 791. Condominium and Property Owners’ Association Acts; rule enforcement. The law provides that associations may file or defend a legal action in general district or circuit court to seek an order to require that any violation of the condominium instruments or duly adopted rules be corrected. The law provides that before any action is taken to enforce rules violations, the owner shall be given a reasonable opportunity to correct the alleged violation. The law provides that in the event of a legal action involving rule enforcement, the prevailing party is entitled to recover court costs and reasonable attorney fees. Currently, only the association is entitled to recover such costs and fees. SB 222. Solar panels in community associations. The law clarifies a community association’s authority to prohibit or restrict the installation of solar power devices. The law bars a community association from prohibiting a property owner from installing a solar energy collection device on the owner’s property unless the community association’s recorded declaration establishes such a prohibition. SB 490. Carbon monoxide alarms; required installation in rental dwelling units. The law requires a landlord to install carbon monoxide alarms upon the written request of a tenant and allows the landlord to charge a reasonable fee for the installation of the alarms.
Posted on: Wed, 02 Jul 2014 21:53:18 +0000
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