Housing Trust Fund; name change, deposit of recordation tax revenues into Fund. (HB92)
Introduced By
Del. Terrie Suit (R-Virginia Beach) with support from co-patrons Del. Joseph Johnson (D-Abingdon), Del. Jim Scott (D-Merrifield), and Del. David Toscano (D-Charlottesville)
Progress
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Introduced |
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Passed Committee |
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Passed House |
☐ |
Passed Senate |
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Signed by Governor |
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Became Law |
Description
Virginia Housing Partnership Trust Fund; dedicating recordation tax revenues. Changes the name of the Virginia Housing Partnership Trust Fund to the Virginia Housing Trust Fund. The bill provides for 50 percent the annual revenue collections from taxes and fees imposed pursuant to the Virginia Recordation Tax Act ( 58.1-800 et seq.) that are in excess of the official estimates in the general appropriation act to be transferred to the Fund. The bill also provides that a portion of the fund shall be used to provide matching funds to localities that have both established a local housing fund and appropriated local moneys to the fund. Under the bill, the Department of Housing and Community Development is required to establish criteria for the allocation of the matching funds to eligible localities and to annually report on the allocation of matching funds. In addition, the bill authorizes grants to be made from the Fund to support innovative housing projects and low and moderate income housing projects that are located in areas experiencing extreme shortages of such housing. Amends § 36-137 (“Powers and duties of Board; appointment of Building Code Academy Advisory Committee.”), § 36-139 (“Powers and duties of Director.”), § 36-141 (“Definitions.”), § 36-142 (“Creation and management of Fund.”), § 36-147 (“Grants.”), § 36-150 (“Reports.”), § 46.2-749.129 (“”), § 58.1-344.3 (“Voluntary contributions of refunds requirements.”), of the Code of Virginia. View Full Text »
