Code of Virginia · § 36-178 — Qualified designee

A. After a publicly supported housing owner delivers a written termination notice required by § 36-177, or after the date that such notice would be required from such owner, a locality that has adopted an ordinance pursuant to § 36-177 may appoint a qualified designee to act as a purchaser of the publicly supported housing.

B. If a locality that has adopted an ordinance pursuant to § 36-177 chooses to appoint a qualified designee, the locality shall establish a process for selecting such qualified designee. A qualified designee shall enter into a written agreement with the locality that requires such qualified designee to agree to preserve the affordability of the publicly supported housing for at least 15 years and assume all rights and responsibilities attributable to the locality as a prospective purchaser of the publicly supported housing.