2023 Budget Amendments: Support these Investments in Affordable Housing
Friday, January 20th, 2023
Item 114 #12h (Delegate McQuinn)/Item 114 #27h (Delegate Coyner)/Item 114 #7s (Senator Locke)/Item 114 #9s (Senator McClellan): $90.1M to establish and fund the Virginia Housing Stability Fund 3-year pilot program that will provide long-term rental assistance to low-income households.
- Will provide assistance to 5,000 rent burdened households with incomes at or below 50% Area Median Income, with priority given to families with children below age 13.
- With this subsidy, low-income households will pay no more than 30% of their income towards rent and the program will recover the remainder of the rental amount.
Item 114 #23h (Delegate Bulova)/Item 114 #12s (Senator Marsden): An additional $75M to the Virginia Housing Trust Fund to support annual requests for affordable housing construction project funds.
Item 114 #35h (Delegate Bulova)/Item 114 #1s (Senator Locke)/Item 114 #8s (Senator Ebbin): $9M in additional funding for the Virginia Eviction Reduction Pilot Program (VERP).
- This budget amendment will allow DHCD to provide more funds to local and regional nonprofits for emergency rental assistance and other eviction prevention programs.
- It will increase funding for the Virginia Eviction Reduction Fund from $3.3M/year to $12.3M/year.
Item 114 #9h (Delegate Hayes)/Item 114 #2s (Senator Locke): $4M for a pilot program to provide grants to nonprofits in the Hampton Roads Planning District to build homes at or below $200,000 for first-time home buyers.
- These budget amendments will fund a pilot program in Hampton Roads to help produce affordable homes for sale to first-time homebuyers earning below 80% area median income with preference given to residents of public housing and rental voucher recipients.
- DHCD will provide this funding to nonprofits serving all or part of Hampton Roads through a competitive grant process.