Bill
SB 1344
Overview: SB 1344 - Virginia Housing Trust Fund; creation and managementStatus: Passed by indefinitely in General Laws and Technology with letter (15-Y 0-N)Introduced: February 18,
Overview: SB 1344 - Virginia Housing Trust Fund; creation and management
Status: Passed by indefinitely in General Laws and Technology with letter (15-Y 0-N)
Introduced: February 18, 2025
Purpose and Intent:
The bill sought to establish a Virginia Housing Trust Fund to provide financing and support for the development and preservation of affordable housing across the state. The fund would aim to address the growing need for accessible and affordable housing options.
Key Provisions:
- Creates the Virginia Housing Trust Fund, a dedicated source of funding for affordable housing initiatives
- Outlines the management and administration of the fund, including the establishment of an oversight board
- Authorizes the use of the fund for various housing-related purposes, such as:
- Providing loans, grants, and other financial assistance for the construction, rehabilitation, and preservation of affordable housing units
- Supporting programs that help low-income individuals and families access and maintain affordable housing
- Funding research and data collection on housing needs and market trends
Affected Parties and Impacts:
- Low-income individuals and families would benefit from increased access to affordable housing options
- Developers and housing organizations would have access to funding and support for affordable housing projects
- The state government would oversee the management and distribution of the Housing Trust Fund resources
Procedural and Timeline Considerations:
The bill was passed by indefinitely in the General Laws and Technology committee, indicating that it will not proceed further in the current legislative session. However, the concept may be revisited in future sessions.
Compiled from official sources — confirm details with the bill’s official record.
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