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

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/19/2005Prefiled and ordered printed; offered 01/11/06 065277140
12/19/2005Referred to Committee on General Laws
01/18/2006Assigned to General Laws sub-committee: #1 Housing (Suit)
01/19/2006Referred from General Laws
01/19/2006Referred to Committee on Appropriations
01/26/2006Fiscal impact statement from TAX (HB92)
01/27/2006Assigned App. sub: Commerce, Agriculture, and Natural Resources
02/10/2006Reported from Appropriations with substitute (23-Y 0-N) (see vote tally)
02/11/2006Committee substitute printed 065368260-H1
02/11/2006Read first time
02/13/2006Read second time
02/13/2006Committee substitute agreed to 065368260-H1
02/13/2006Engrossed by House - committee substitute HB92H1
02/14/2006Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/14/2006VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/14/2006Communicated to Senate
02/15/2006Constitutional reading dispensed
02/15/2006Referred to Committee on Finance
02/21/2006Fiscal impact statement from TAX (HB92H1)
02/28/2006Continued to 2007 in Finance (15-Y 0-N) (see vote tally)