2022 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Coyner
New Virginia Housing Stability Fund

Item 114 #5h

Item 114 #5h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $0 FY2024 $73,000,000 GF

Page 96, line 7, strike "$396,496,495" and insert "$469,496,495".

Page 97, after line 52, insert:

"K.1. Out of this appropriations, $73,000,000 in the second year from the general fund is provided to establish the Virginia Housing Stability Fund. The funds shall be used for providing long-term rental assistance to low, very low, and extremely low income renters to pay the difference between full rent and 30 percent of a clients household income. Any balances for the purposes specified in this paragraph which are unexpended on June 30, 2023, and June 30, 2024, shall not revert to the general fund but shall be carried forward and reappropriated.

2. The department shall develop appropriate criteria and guidelines for the use of the funding provided to the Virginia Housing Stability Fund prior to the release of any funds contained in paragraph K.1. The department shall develop these guidelines and program criteria in conjunction with Virginia Housing and a stakeholder group of housing developers, homeless service providers, housing providers/landlords, tenants, and tenant advocates."


(This amendment provides $73 million in the second year from the general fund to establish a new Virginia Housing Stability Fund.)