RD437 - The Virginia Housing Trust Fund and the Financial Status of the Virginia Housing Partnership Fund - December 2014


Executive Summary:
§ 36-150, Code of Virginia requires the Department of Housing and Community Development (DHCD) to report on matters regarding the Housing Trust Fund to include the status of the former Housing Partnership Fund. This report discusses the allocation of the loan and grant components of the Trust Fund. It includes details on the use of these funds, updating information reported earlier in the year through publication of Report Document 365 (2014). To date, DHCD has obligated approximately 97 percent of the $8 million made available in FY 2014. It has expended over 25 percent of them on eligible activities and projects. These include services related to foreclosure and housing counseling; rapid rehousing for the homeless, including veterans and persons with disabilities; and the provision of supportive services to those with specialized housing needs. Loan products targeted properties recovering from foreclosure as well as the creation or rehabilitation of affordable rental housing for persons and families with very low incomes.

The Virginia Housing Development Authority (VHDA), which administered the former Virginia Housing Partnership Revolving Fund, provided information related to the status of funds remaining from that program. VHDA has redesignated them as Virginia Housing Trust Fund monies. The independent auditor’s report on the financial status of the former Partnership Fund is included in this report.