2008 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Amundson
VA Housing Trust Fund (language only)

Item 109 #1h

Item 109 #1h

Commerce And Trade
Housing and Community Development, Department of

Page 92, after line 21, insert:
"F.  Pursuant to the provisions of House Bill 617, 2008 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 supports the provisions of House Bill 617, which creates a dedicated source of funding through a percentage of the recordation tax to be used for the purpose of developing or preserving affordable or assessable housing in localities. The portion dedicated to housing is $0.02 of the $0.25 cents tax on every $100 of housing value in any year in which recordation tax revenues exceed $200 million.)