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2006 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Whipple
Multi-Housing Grant Program

Item 103 #1s

Item 103 #1s

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

Language
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 includes $5,000,000 the first year and $5,000,000 the second year from the general fund to implement a multi-family housing program.  No project shall receive more than $500,000 in any one year.  Grants shall be used to acquire land for multi-family housing projects qualified by the Virginia Housing Development Authority for Low-income Housing Tax Credits.  The grants shall be limited to up to 50 percent of the land costs for such qualified projects."


Explanation
(This amendment initiates a $10.0 million grant program for multi-family housing. Grants, limited to no more than $500,000 per project per year, will be used to reduce the cost of multi-family housing projects qualified by VHDA for low-income housing tax credits. By reducing land acquisition costs, the grants will decrease the overall cost of these projects, resulting in more multi-family housing at more affordable rents.)