RD772 - The Virginia Housing Trust Fund and the Financial Status of the Virginia Housing Partnership Revolving Fund – December 2021

Executive Summary:

During its 2013 regular session, the General Assembly amended provisions of Chapter 9 of Title 36 of the Code of Virginia to provide statutory direction for the administration of the Virginia Housing Trust Fund (VHTF). Item 108 G of the 2012 Appropriations Act established the Trust Fund and provided an initial allocation of $8 million to become available in FY 2014. The 2013 statutory changes modified certain reporting requirements that originally applied to the former Virginia Housing Partnership Revolving Fund. Effective July 1, 2013, § 36-150 of the Code of Virginia required the Department of Housing and Community Development (DHCD) to report annually on the Trust Fund and such other matters the Department may deem appropriate, including the status of the former Housing Partnership Revolving Fund. Designated recipients of the report include the Governor, Secretary of Commerce and Trade and the Chairs of the House Appropriations and the Senate Finance and Appropriations Committees.

In accordance with the requirement of § 36-150 of the Code of Virginia, DHCD presents the following document, which includes two sections.1 Part I reviews recent activities associated with the operation of the Housing Trust Fund during the period since the close of FY 2020 as well as the impacts of funds allocated in 2020-2021. Part II updates information concerning the financial status of the Virginia Housing Partnership Revolving Fund, presently administered by Virginia Housing. The latter section continues the format used during previous years in accordance with the former statute and incorporates materials provided by Virginia Housing’s independent auditor, KPMG, LLP.