Chief Patron

Sen. Mary Margaret Whipple (D-Arlington)

Mary Margaret Whipple (D-Arlington)
Served: 1996–

Status

01/30/2008: 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.) 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.