2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Virginia Housing Trust Fund (language only)

Item 103 #1h

Item 103 #1h

Commerce And Trade
Housing and Community Development, Department of

Page 82, after line 17, insert:
"E.  Pursuant to the provisions of House Bill 92, 2006 Session of the General Assembly, revenues made available as a result of this legislation shall be deposited into the Virginia Housing Trust Fund and shall be used to provide affordable housing for low and moderate income citizens in accordance with guidelines adopted by the Board of Housing and Community Development."

(This amendment provides authority for the Board of Housing and Community Development to develop guidelines and utilize funds deposited into the Virginia Housing Trust Fund pursuant to legislation adopted by the House this Session which dedicates 50 percent of all recordation tax revenues in excess of the official forecast for that revenue source into the Housing Trust Fund. 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.)