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2022 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: McClellan
Virginia Housing Stability Fund

Item 114 #4s

Item 114 #4s

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

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

Page 97, after line 52, insert:

"K. Out of the amounts in this Item, $73,000,000 the second year from the general fund is provided for the Virginia Housing Stability Fund to provide long-term rental assistance to low-income, very low-income, and extremely low-income renters to enable them to afford housing costing 30 percent of their income. In developing guidelines for the program, the department shall ensure, at a minimum, that the Fund pays the difference between full rent and 30 percent of household income. The department shall convene a stakeholder group consisting of housing developers, homeless services providers, housing providers, landlords, tenants, tenant advocates, and others to develop recommendations for the program. The stakeholder group shall complete its work and issue a report with recommendations to the Senate Finance and Appropriations and the House Appropriations committees no later than November 30, 2022.”



Explanation

(This amendment provides $73.0 million GF in the second year to establish the Virginia Housing Stability Fund to provide long-term rental assistance to low-income, very low-income, and extremely low-income renters to enable them to afford housing costing 30 percent of their income.)