HB1421: Virginia Housing Trust Fund; expands eligibility for loans.

Legislative Summary

Virginia Housing Trust Fund; eligibility. Expands eligibility for loans from the Virginia Housing Trust Fund to include low, moderate, or middle income persons and families and requires the Department of Housing and Community Development to (i) include definitions for such income levels in program guidelines for administering the Fund and (ii) prioritize funding for low income and middle income housing projects in program guidelines for administering the Fund. Under current law, such loans may be provided only to low or moderate income citizens of Virginia. Virginia Housing Trust Fund; eligibility. Expands eligibility for loans from the Virginia Housing Trust Fund to include low, moderate, or middle income persons and families and requires the Department of Housing and Community Development to (i) include definitions for such income levels in program guidelines for administering the Fund and (ii) prioritize funding for low income and middle income housing projects in program guidelines for administering the Fund. Under current law, such loans may be provided only to low or moderate income citizens of Virginia.