2024 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Hashmi
Establish the 5000 Families Program

Item 102 #3s

Item 102 #3s

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Department of Housing and Community Development FY2025 $52,000,000 FY2026 $48,000,000 GF

Page 97, line 38, strike "$297,250,885" and insert "$349,250,885".
Page 97, line 38, strike "$297,250,885" and insert "$345,250,885".

Page 99, after line 39, insert:

“M. Out of this appropriation, $52,000,000 in the first year and $48,000,000 in the second year from the general fund shall be used to establish a pilot program to provide long-term direct rental assistance to households with at least one child aged 16 or below and with income at or below 50 percent of the Area Median Income. The department shall give priority to households with income at or below 30 percent of the Area Median Income. Under this program, eligible households will receive a voucher to reduce their housing costs to 30 percent of their monthly income. The department shall establish guidelines and criteria for the administration of this pilot program by December 1, 2024, informed by the Virginia Housing Stability Fund Model Program Guidelines report, which was developed in 2022 in conjunction with a stakeholder group. Any funds remaining at the end of the fiscal year 2025 shall be carried forward into the next fiscal year by the department for the purposes described in this paragraph. The department shall submit a report to the General Assembly on or before November 30th, 2025, with an update on the implementation and impact of the program."


(This amendment provides $52.0 million GF the first year and $48.0 million GF the second year to establish the 5000 Families pilot program, which will provide monthly rental assistance to low-income families with school-aged children. Eligible households will receive a monthly rental voucher in an amount sufficient to allow the family to pay only 30 percent of their monthly income for housing.)