2010 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: McClellan
Administration for Rent Reduction Tax Credit

Item 99 #2h

Item 99 #2h

First Year - FY2011 Second Year - FY2012
Commerce And Trade
Housing and Community Development, Department of FY2011 $100,000 FY2012 $100,000 GF
FY2011 1.00 FY2012 1.00 FTE

Page 55, line 18, strike "$47,675,836" and insert "$47,775,836".
Page 55, line 18, strike "$48,903,368" and insert "$49,003,368".
Page 56, after line 10, insert:
"F. Out of the amounts for this item, $100,000 the first year and $100,000 the second year from the general fund and one position are provided to support the administrative costs associated with administering the tax credits authorized pursuant to the provisions of House Bill 764, 2010 General Assembly."
Page 56, line 11, strike "F." and insert "G."

(This amendment provides $100,000 each year and one position from the general fund to the Department of Housing and Community Development to support the administration of a tax credit available to landlords who participate in a housing choice voucher program as proposed in House Bill 764. Under this program eligible landlords would receive a tax credit equal to 10 percent of the fair market value of the rent for each qualified housing unit in the Richmond area metropolitan statistical area. The credit is capped at $400,000 each year.)