SB1344: Virginia Housing Trust Fund; creation and management.

Legislative Summary

Virginia Housing Trust Fund; creation and management. Provides that the Department of Housing and Community Development (the Department) shall use at least 65 percent of the moneys from the Virginia Housing Trust Fund (the Fund) to provide flexible financing for low-interest loans through eligible organizations and up to 35 percent of the moneys from the Fund to provide grants through eligible organizations for targeted efforts to reduce homelessness. Under current law, the Department is required to use at least 80 percent of the moneys from the Fund to provide flexible financing for low-interest loans and up to 20 percent of the moneys from the Fund to provide grants for targeted efforts to reduce homelessness.