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_ 121 Item Details($) Appropriations($) ITEM 102. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 general fund at the end of any fiscal year, but shall be carried forward and reappropriated. V.1. Out of this appropriation, $15,000,000 the first year from the general fund is provided for the department to establish the First-Time Homebuyer Grant Program to assist eligible first-time homebuyers in paying for first-time homebuyer expenses. The department shall award eligible first-time homebuyers a grant in an amount equal to five percent of first-time homebuyer expenses incurred during the calendar year, not to exceed $10,000, on a first-come, first-served basis. Any grant awarded pursuant to this paragraph shall be repaid to the Commonwealth in the event that the residential real property for which first-time homebuyer expenses were incurred and such grant was awarded is sold within three years from the purchase date of such property. Repayment pursuant to this subsection shall not be required if such sale was made following a natural disaster or other act of God that made such residential real property uninhabitable. The Department shall develop guidelines for administering the program and for any repayment requirements provided by this paragraph on or before August 1, 2025. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2- 4000 et seq.). 2. For the purposes of this paragraph, "First-time homebuyer expenses" means costs incurred by a first-time homebuyer in the purchase of direct ownership in residential real property in an amount equal to the purchase price value of such property detailed on the standard purchase agreement. 3. For the purposes of this paragraph, "Eligible first-time homebuyer" means an individual or married individuals filing jointly (i) who has had no ownership interest in a principal residence during the preceding three-year period ending on the date of purchase of the residential real property detailed on the standard purchase agreement and (ii) who has an annual household income in the most recent taxable year that does not exceed the greater of (a) $100,000 or (b) the median annual household income for the locality in which such residential real property is situated according to the most recent data available from the U.S. Census Bureau. 4. Of the amounts in this paragraph, the department may use up to $300,000 to administer this program. The amounts provided in this paragraph V. shall not revert to the general fund at the end of any fiscal year, but shall be carried forward and reappropriated. W. Out of this appropriation, $13,000,000 the first year from the general fund is provided for the department to award grants to localities or planning district commissions that have established or will establish by December 31, 2025, a local Housing Trust Fund for long- term local investments related to affordable housing. The department shall develop criteria and guidelines for these one-time grants on or before August 1, 2025. Of the amounts in this paragraph, $5,000,000 shall be provided to Prince William County to support affordable housing. Of the amounts in this paragraph, $1,000,000 shall be provided to the City of Emporia to support an affordable housing project. Of the amounts in this paragraph, $250,000 shall be provided to Tazewell County for remediation of blighted properties in the Town of Richlands to create affordable housing construction sites. The amounts provided in this paragraph W. shall not revert to the general fund at the end of any fiscal year, but shall be carried forward and reappropriated. X. The department shall identify programs designed to keep long-term residents in their primary homes as real property tax liabilities increase, including the Longtime Owner Occupancy Program (LOOP) as implemented in Philadelphia, Pennsylvania. The department shall review and provide recommendations for eligibility criteria based on financial indicators, financing options including voluntary locality contributions or offsets, and assess feasibility, equity, and efficiency of administration and implementation at the local, regional, or state level. The department shall convene a group of national, state, and local tax and housing experts to assist with developing recommendations, with the support of the Department of Taxation and the Commission on Local Government. The department shall submit their findings to the Chairs of House General Laws and Senate General Laws and Technology by September 1, 2025. Y. Out of this appropriation, $500,000 the first year from the general fund is provided to the City of Suffolk to support the construction of a homeless shelter. The amounts provided I VETO ITEM 102.V. ON PAGE 121 /s/ Glenn Youngkin 5-2-25 I VETO ITEM 102.W. ON PAGE 121 /s/ Glenn Youngkin 5-2-25