2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Brink
Community Housing Tax Credit

Item 103 #1h

Item 103 #1h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Housing and Community Development, Department of FY2007 $5,000,000 FY2008 $5,000,000 GF

Page 81, line 20, strike "$47,705,638" and insert "$52,705,638".
Page 81, line 20, strike "$47,705,638" and insert "$52,705,638".
Page 82, after line 17, insert:
"E. The amounts for Housing Assistance Services include $5,000,000 in the first year and $5,000,000 in the second year from the general fund."

(This amendment provides $5.0 million each year from the general fund for the Community Housing Tax Credit. This tax credit would be available to developers/investors that substantially rehabilitate multi-family housing under the federal Low-Income Housing Tax Credit Program, administered by VHDA. The total amount of tax credits would be limited to $5.0 million each year statewide, with no taxpayer receiving more than $500,000 in any given year. House Bill 1174, 2006 Session of the General Assembly, would authorize the creation of this new tax credit program.)