Introduced in House Passed House Introduced in Senate Passed Senate Became Law
01/07/2020     01/28/2020  

Virginia housing opportunity tax credit program; VHDA, et al., to develop.

Directs the Department of Housing and Community Development and the Virginia Housing Development Authority to convene a stakeholder advisory group to develop draft legislation establishing a Virginia housing opportunity tax credit program for the purpose of providing incentives for the utilization of private equity in the development and construction of affordable housing in the Commonwealth and regulations for implementing such program. The stakeholder advisory group shall also conduct financial modeling to determine the fiscal impact to the Commonwealth of various levels of funding for a Virginia housing opportunity tax credit. The stakeholder advisory group shall determine the most effective and efficient way to administer the program in conjunction with the federal Low-Income Housing Tax Credit Program. The stakeholder advisory group shall report its recommendations to the Governor, the Secretary of Commerce and Trade, the Director of the Department of Housing and Community Development, and the commissioners of the Virginia Housing Development Authority by September 1, 2020.

Date Version PDF TXT
01/07/2020 House: Prefiled and ordered printed; offered 01/08/20 20104985D Open

            

2020 SESSION

    20104985D
    HOUSE BILL NO. 810
    Offered January 8, 2020
    Prefiled January 7, 2020
    A BILL to direct the Department of Housing and Community Development and the Virginia Housing Development Authority to convene a stakeholder meeting on the establishment of a Virginia opportunity tax credit program.
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    Patron-- Bourne
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    Referred to Committee on General Laws
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    Be it enacted by the General Assembly of Virginia:

    1. � 1. The Department of Housing and Community Development (the Department) and the Virginia Housing Development Authority (the Authority) shall convene a stakeholder advisory group to develop draft legislation establishing a Virginia housing opportunity tax credit program for the purpose of providing incentives for the utilization of private equity in the development and construction of affordable housing in the Commonwealth and regulations for implementing such program. The stakeholder advisory group shall also conduct financial modeling to determine the fiscal impact to the Commonwealth of various levels of funding for a Virginia housing opportunity tax credit. The stakeholder advisory group shall determine the most effective and efficient way to administer the program in conjunction with the federal Low-Income Housing Tax Credit Program.

    � 2. The stakeholder advisory group shall consist of individuals with expertise in land development, construction, affordable housing, real-estate finance, tax credit syndication, the federal Low-Income Housing Tax Credit Program, or other areas of expertise as determined by the Department and the Authority. The stakeholder advisory group shall also include representatives from the Department and the Authority.

    � 3. The stakeholder advisory group shall receive support from the staff of the Department and the Authority.

    � 4. The stakeholder advisory group shall report its recommendations to the Governor, the Secretary of Commerce and Trade, the Director of the Department of Housing and Community Development, and the commissioners of the Virginia Housing Development Authority by September 1, 2020.

    Picture Name From Date Type
    Jeffrey M. Bourne D-Richmond Sponsor
    Date Branch Action
    01/28/2020 Senate Senate: Referred to Committee on General Laws and Technology
    01/27/2020 House House: VOTE: Passage (83-Y 16-N)
    01/21/2020 House House: Reported from General Laws (21-Y 1-N)
    01/16/2020 House House: Subcommittee recommends reporting (8-Y 0-N)
    01/15/2020 House House: Assigned GL sub: Housing/Consumer Protection
    01/07/2020 House House: Prefiled and ordered printed; offered 01/08/20 20104985D
    01/07/2020 House House: Referred to Committee on General Laws
    Summary
    Congress - Bill Number Major Title
    Branch Vote Date Yes No Not Voting
    Wiki





    Start Description.
    Directs the Department of Housing and Community Development and the Virginia Housing Development Authority to convene a stakeholder advisory group to develop draft legislation establishing a Virginia housing opportunity tax credit program for the purpose of providing incentives for the utilization of private equity in the development and construction of affordable housing in the Commonwealth and regulations for implementing such program. The stakeholder advisory group shall also co
    End Description.

    Bill TEXT Points.
    This Bill has been listed with the following Subjects from Texts:
    Commerce
    The stakeholder advisory group shall report its recommendations to the Governor, the Secretary of Commerce and Trade, the Director of the Department of Housing and Community Development, and the commissioners of the Virginia Housing Development Authority by September 1, 2020

    Credit
    The stakeholder advisory group shall determine the most effective and efficient way to administer the program in conjunction with the federal Low-Income Housing Tax Credit Program

    Housing and Community Development
    The Department of Housing and Community Development (the Department) and the Virginia Housing Development Authority (the Authority) shall convene a stakeholder advisory group to develop draft legislation establishing a Virginia housing opportunity tax credit program for the purpose of providing incentives for the utilization of private equity in the development and construction of affordable housing in the Commonwealth and regulations for implementing such program

    Income
    The stakeholder advisory group shall determine the most effective and efficient way to administer the program in conjunction with the federal Low-Income Housing Tax Credit Program


    End Bill TEXT Points.
    Date Bill Major Title
    Committee Name
    Subject Type