RD245 - Status of the Virginia Housing Partnership Fund - October 2012


Executive Summary:
Section 36-150 of the Code of Virginia requires the Board of Housing and Community Development to report by December 1 of each year on the status of the Virginia Housing Partnership Revolving Fund (the Fund). The Virginia Housing Development Authority (VHDA), which administers the Fund, provided the material included in this report. The financial status of the Fund was included in VHDA’s financial statements for the years ended June 30, 2012 and 2011. The public accounting firm KPMG audited these statements. The members of the Board of Housing and Community Development received and reviewed a copy of these financial statements and conclude that to the best of their knowledge they accurately reflect the status of the Fund. The report includes two components: (1) a Schedule of Net Assets Held on Behalf of the Virginia Housing Partnership Revolving Fund and (2) a Schedule of Revenues, Expenses and Net Assets associated with the Fund as of June 30, 2012.