RD288 - Virginia Housing Trust Fund Structure and Use Plan

Executive Summary:
The biennium budget for fiscal years 2013 and 2014 allocated $7,000,000 in the second year to create the Virginia Housing Trust Fund. At least 80 percent of the Fund is to be used for short, medium and long-term loans to reduce the cost of homeownership and rental housing. Up to 20 percent of the Fund may be used to provide grants for targeted efforts to reduce homelessness.

The Department of Housing and Community Development (DHCD) and the Virginia Housing Development Authority (VHDA) are providing this report to the chairs of the House Appropriations and Senate finance Committees in accordance with the provisions of Item 108 G 5 of the 2012 Appropriations Act. The Structure and Use Plan indicates the proposed allocation of loan and grant resources from the Housing Trust as well as the method DHCD and VHDA will use to select projects or activities for funding. The Plan also summarizes the extensive public participation process used to identify areas of greatest need and delineates the roles each agency will play in the administration of program funds.