Housing Trust Fund; name change, dedicating unreserved general fund balances. (SB966)

Introduced By

Sen. Mary Margaret Whipple (D-Arlington)

Description

Virginia Housing Partnership Trust Fund; dedicating unreserved general fund balances. Changes the name of the Virginia Housing Partnership Revolving Trust Fund to the Virginia Housing Trust Fund. The bill provides for 10% of any unreserved general fund balance at the close of each fiscal year whose reappropriation is not required in the general appropriation act and 10 % of any unreserved general fund balance at the close of each fiscal year whose reappropriation is not required 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

History