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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Krizek
Create Revolving Loan Fund for the Purchase of Manufactured Home Parks

Item 102 #5h

Item 102 #5h

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 for non-profit organizations providing, constructing or renovating affordable housing in Virginia and associations made up of residents of a single or multiple manufactured home community situated in Virginia. Loans issued under this program shall be directed to non-profits or associations of residents to help with the acquisition of a manufactured home park located in Virginia. No such acquisition shall result in the involuntary displacement of any person residing in the park at the time of the acquisition. 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 nonprofits and associations of tenants residing in manufactured home parks acquire land on which homes reside.)