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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Locke
Support for a Statewide Rental Voucher Pilot Program

Item 114 #7s

Item 114 #7s

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $0 FY2024 $91,000,000 GF
FY2023 0.00 FY2024 8.00 FTE

Language
Page 105, line 9, strike "$308,460,495" and insert "$399,460,495".

Page 109, after line 14, insert:

"P. Out of the amounts in this item, $91,000,000 the second year from the general fund is provided to establish the Virginia Housing Stability Fund to make rental vouchers available statewide to families with incomes under 80 percent of Area Median Income (AMI), prioritizing those with incomes under 50 percent of AMI. The program shall include both tenant-based vouchers and project-based vouchers tied to new affordable units. The Department shall collect data, evaluate the program, and provide annual reports on the program implementation to the Senate Finance and Appropriations Committee and House Appropriations Committee by December 1 each year."



Explanation

(This amendment provides $91.0 million GF and 8.0 positions in the second year to establish a statewide rental voucher pilot program. The pilot program, the Virginia Housing Stability Fund (VHSF), will provide vouchers to families with incomes under 80 percent of Area Median Income (AMI), prioritizing those with incomes under 50 percent of AMI. The program will include tenant-based vouchers and project-based vouchers tied to new affordable units. The department will provide annual reports to the General Assembly on the program implementation.)