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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Krizek
Create Revolving Loan Fund for Manufactured Housing Communities

Item 102 #4h

Item 102 #4h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Housing and Community Development FY2025 $10,000,000 FY2026 $10,000,000 GF

Language
Page 97, line 38, strike "$297,250,885" and insert "$307,250,885".
Page 97, line 38, strike "$297,250,885" and insert "$307,250,885".

Page 99, after line 39, insert:

"M. Out of this appropriation, $10,000,000 the first year and $10,000,000 the second year from the general fund is provided for a new revolving loan fund to support residents of Virginia's manufactured home communities. Of the amounts provided in this paragraph, the department shall use 75 percent for the purpose of providing low or no interest loans to owners of manufactured homes to fund the replacement of manufactured homes built before 1976 with new, energy efficient manufactured homes. Of these funds, 20 percent shall be directed to nonprofits as grants to provide on-site services to manufactured home community residents. The remaining five percent shall be used by the department to collect data on manufactured home communities across the state.  Interest rates shall not exceed the lowest interest rate of the Virginia Housing Trust Fund."



Explanation

(This amendment provides $10 million in each year for the Department of Housing and Community Development to launch a new program to assist residents in Virginia's manufactured home communities to replace older homes.)