2023 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: McQuinn
Virginia Housing Stability Program

Item 114 #12h

Item 114 #12h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $90,100,000 FY2024 $0 GF
FY2023 8.00 FY2024 8.00 FTE

Page 105, line 8, strike "$297,060,495" and insert "$387,160,495".

Page 108, after line 22, insert:

"O. Out of this appropriation, $90,100,000 the first year from the general fund is provided for the department to establish a pilot program to provide direct rental assistance to low-income residents. The department shall finalize the guidelines, developed through paragraph N. of this Item,  for the Virginia Housing Stability Program by December 1, 2023. The department shall use these funds to target households with income at or below 50 percent of Area Median Income with a priority of funding reserved for families with children below the age of thirteen. Under this program, eligible households will receive a voucher to reduce their housing costs to 30% of their monthly income. Any funds remaining at the end of fiscal year 2023 shall be carried forward into the next fiscal year by the department for the purposes described in this paragraph. The department shall evaluate the outcomes of this program and submit a report to the General Assembly on or before November 30, 2027."

Page 108, line 23, strike "O" and insert "P".

Page 108, line 41, strike "O" and insert "P".

Page 108, line 45, strike "O" and insert "P".

Page 108, line 46, strike "O" and insert "P".

Page 108, line 50, strike "O" and insert "P".


(This amendment creates and capitalizes the Virginia Housing Stability Program with $90.1 million in fiscal year 2023.)