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

Introduced By

Del. Terrie Suit (R-Virginia Beach) with support from co-patron Del. Onzlee Ware (D-Roanoke)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. This bill incorporates HB 617. Read the Bill »


Bill Has Failed


01/09/2008Prefiled and ordered printed; offered 01/09/08 087442844
01/09/2008Referred to Committee on Appropriations
01/15/2008Assigned App. sub: Economic Development, Agriculture and Natural Resources(Cox)
01/20/2008Impact statement from DPB (HB1082)
02/04/2008Continued to 2009 in Appropriations
12/04/2008Left in Appropriations