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CHP Applauds Legislative Approval of Virginia Housing Trust Fund

Christiansburg, Va. - Affordable housing received a welcome boost this week when, following the Virginia House of Delegates' approval of a 2013 -14 state budget, the Senate also voted to approve it in a cliffhanger 21-19 vote. CHP is pleased to report the new budget creates a Housing Trust Fund for Virginia and allocates $7 million to capitalize the Fund in the second year of the biennium.

The Housing Trust Fund will be administered by the Virginia Department of Housing and Community Development and the Virginia Housing Development Authority. It will be a flexible source of loan and grant funding that will support a range of affordable housing programs. Grant funds will be targeted to programs that support permanent housing solutions for homelessness.

Orlando Artze, Executive Vice President and COO of CHP and President of the Virginia Housing Coalition (VHC), noted that, "the rising costs of housing and living have reached a level where many can no longer afford safe, quality housing. But a housing trust fund will play a crucial role in growing and preserving affordable housing options.”