2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Suit
Virginia Housing Trust Fund

Item 103 #4h

Item 103 #4h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Housing and Community Development, Department of FY2007 $10,000,000 FY2008 $10,000,000 GF

Page 81, line 20, strike "$47,705,638" and insert "$57,705,638".
Page 81, line 20, strike "$47,705,638" and insert "$57,705,638".
Page 82, after line 17, insert:
"E. The amounts for Housing Assistance Services include $10,000,000 in the first year and $10,000,000 in the second year from the general fund to capitalize the Virginia Housing Trust Fund, hereinafter referred to as the "Fund," established pursuant to § 36-142, Code of Virginia.  This payment shall be in lieu of the deposit of state recordation taxes to the Fund pursuant to § 58.1-818, Code of Virginia, and shall be made not later than July 15 of each year.  Such recordation taxes which would otherwise be deposited to the Fund shall be retained by the general fund."

(This amendment provides $10,000,000 each year from the general fund for the Virginia Housing Trust Fund created pursuant to House Bill 92, 2006 Session of the General Assembly. The balances in the predecessor to this fund were sold to the Virginia Housing Development Authority in 2003 thereby reducing funding available to DHCD to make low and moderate income housing loans and grants.)