2007 Session

Budget Amendments - HB1650 (Member Request)

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Chief Patron: Toscano
Co-Patron(s): Eisenberg
Individual Development Accounts

Item 104 #11h

Item 104 #11h

First Year - FY2007 Second Year - FY2008
Commerce And Trade
Housing and Community Development, Department of FY2007 $0 FY2008 $200,000 GF

Page 101, line 23, strike "$42,574,099" and insert "$42,774,099".
Page 106, after line 28, insert:
"T.  Out of the amounts for Community Development Services shall be provided $200,000 the second year from the general fund to increase the savings match rate for Virginia Individual Development Account (VIDA) program participants saving for homeownership in high cost regions of the state.  High cost regions are those where the median sales price for housing is 1.4 or more times the median sales price for homes in the National Association of Realtors South region."

(This amendment would allow DHCD to increase from $2.00 to $4.00 its dollar match for VIDA program participant savings used for a down payment or closing costs associated with a first-time home purchase in areas meeting the high housing cost definition.)