HB1082: Virginia Housing Trust Fund; creates dedicated source of funding via percentage of recordation tax.

Chief Patron

Del. Terrie Suit (R-81)

Terrie Suit (R-81)
Virginia Beach, VA
Served: 2000–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

02/04/2008: Failed to Pass in Committee

View Entire History

Summary

Virginia Housing Partnership Trust Fund; dedicating recordation tax revenues.  Changes the name of the Virginia Housing Partnership Revolving Trust Fund to the Virginia Housing Trust Fund. The bill provides for a percentage of 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.