RD383 - The Virginia Housing Trust Fund and the Financial Status of the Virginia Housing Partnership Fund - December 2013


Executive Summary:
Section 36-150 of the Code of Virginia requires the Department of Housing and Community Development to report by December 1 of each year on matters relating to the Housing Trust Fund (the Trust Fund) and on the status of the Virginia Housing Partnership Revolving Fund (the Partnership Fund). This year’s report includes two sections. The first details the results, to date, of the recent allocation process associated with the Housing Trust Fund, whose resources first became available at the start of FY 2014 on July 1, 2013. The Department has allocated approximately $1.4 million in grants and $6.4 million in loans in accordance with the provisions of Title 36, Chapter 9, of the Code of Virginia and Item 108 G of the 2013 Appropriations Act.

The second portion of the report presents the financial status of the Partnership 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, 2013 and 2012. The public accounting firm KPMG audited these statements. The Department of Housing and Community Development has received and reviewed a copy of these financial statements and conclude that to the best of its knowledge they accurately reflect the status of the Partnership Fund. The report includes two components: (1) a Schedule of Net Position Held on Behalf of the Virginia Housing Partnership Revolving Fund and (2) a Schedule of Revenues, Expenses and Changes in Net Position Information associated with the Fund as of June 30, 2013.