RD144 - Annual Report on the Status of the Virginia Housing Partnership Fund


Executive Summary:
The Virginia Housing Partnership Revolving Fund (the Fund), established by the 1988 Session of the Virginia General Assembly, used funds provided by the state to provide loans and grants for a wide variety of housing initiatives. The Department of Housing and Community Development developed the program guidelines and the Authority acted as administrator for the Fund. On June 30, 2003, the Authority purchased all the assets of the Fund. A portion of the proceeds from the sale have been designated by the Commonwealth to establish the Commonwealth Priority Housing Fund. Similar to the Fund, the Department of Housing and Community Development will develop and oversee program guidelines and the Authority will act as administrator for the new fund.