Virginia Housing Trust Fund Authority; created, report. (HB121)
Introduced By
Sen. Joe Morrissey (D-Richmond) with support from co-patron Del. Charniele Herring (D-Alexandria)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Housing Trust Fund Authority. Creates the Virginia Housing Trust Fund Authority to administer the Virginia Housing Trust Fund also created by the bill to assist in increasing the capacity of community housing organizations and encourage private sector businesses and individuals to contribute capital to community-based housing organizations and assist them in providing safe, decent, and affordable housing to Virginia citizens. The bill sets the powers and duties of the Authority and its Board of Directors, and the lawful purposes for which the Fund may be used. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/04/2012 | Committee |
| 01/04/2012 | Prefiled and ordered printed; offered 01/11/12 12102519D |
| 01/04/2012 | Referred to Committee on General Laws |
| 01/25/2012 | Impact statement from DPB (HB121) |
| 01/27/2012 | Assigned GL sub: #1 Housing |
| 02/08/2012 | Subcommittee recommends reporting with amendment(s) (5-Y 2-N) |
| 02/08/2012 | Subcommittee recommends referring to Committee on Appropriations |
| 02/09/2012 | Reported from General Laws with substitute (21-Y 0-N) (see vote tally) |
| 02/09/2012 | Committee substitute printed 12104678D-H1 |
| 02/09/2012 | Referred to Committee on Appropriations |
| 02/10/2012 | Assigned App. sub: Economic Development, Agriculture and Natural Resources |
| 02/10/2012 | Incorporates HB790 |
| 02/13/2012 | Impact statement from DPB (HB121H1) |
| 02/20/2012 | Left in Appropriations |
Comments
The Virginia Housing Coalition supports a Housing Trust Fund and is working on a substitute bill with additional co-patrons.
Despite the fact that the revenue source was removed in Housing Subcommittee of General Laws, HB121 does several important things:
• It makes clear that Virginia has a commitment to affordable housing and puts a Housing Trust Fund structure in state law. Housing Trust Funds (unlike the short lived Housing Partnership Fund from the early 90s) have dedicated, reliable sources of funding. In future sessions of the General Assembly, we want the conversation to focus on a funding source, not whether we need an HTF. The current language in existing statute is obsolete and from a different era (1989) - this bill will update and align this housing resource with the Governor's Housing Framework and his commitment to reducing homelessness.
• It makes clear that a quarter of the funding will go to goal of eliminating homelessness in the state by providing support for rapid re-housing, temporary rental assistance, and permanent supportive housing.
• It makes clear that the fund will serve areas with extreme shortages of affordable housing and will include rural housing initiatives (this is especially important given drastic reductions in HOME funds that support programs like Indoor Plumbing).