2022 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Lopez
Increase Support for the Virginia Housing Trust Fund

Item 114 #14h

Item 114 #14h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $250,000,000 FY2024 $350,000,000 GF

Page 96, line 7, strike "$346,496,495" and insert "$596,496,495".
Page 96, line 7, strike "$396,496,495" and insert "$746,496,495".

Page 96, line 50, strike "$125,000,000" and "$175,000,000" and insert:

"$375,000,000" and "$525,000,000".


(This amendment provides an additional $600 million from the general fund over the biennium for the Virginia Housing Trust Fund (VHTF). VHTF is one of the commonwealth's most important tools to assist local and regional efforts in crafting housing affordability solutions. VHTF provides construction financing to housing construction projects creating or preserving affordable units for special needs populations. VHTF also provides Homeless Reduction Grants. Increasing the VHTF will result in increased supply of affordable housing options across the commonwealth, as well as an increased capacity for smaller and nonprofit developers. At least 80 percent of the funds allocated to the Virginia Housing Trust Fund must be used to provide loans that reduce the costs of affordable rental housing and increase homeownership. While the competitive loan pool accommodates a wide array of possible projects, priority is given to projects aligning with priorities such as those providing community housing options for persons with disabilities, or projects which expand permanent housing opportunities for persons experiencing homelessness and those which serve very low-income persons. This additional funding for the VHTF provides support for the creation of preservation of affordable housing units through construction financial and grants. Based on past outcomes, this investment will result in approximately 35,000 affordable rental units and 2,100 affordable homeownership opportunities being created or preserved.)