{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-142.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-142.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-142.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-142.html"}],"law_id":65302,"edition_id":1,"section_id":65302,"structure_id":16156,"section_number":"36-142","catch_line":"(Effective until January 1, 2026) Creation and management of Fund","history":"1988, c. 687; 2013, c. 754.","full_text":"A\n\nThere is hereby established in the state treasury a special permanent, nonreverting fund, to be known as the “Virginia Housing Trust Fund.” The Fund shall be established on the books of the Comptroller and consist of sums appropriated to the Fund by the General Assembly, all receipts by the Fund from loans made by it to housing sponsors and persons and families of low and moderate income, all income from the investment of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source, public or private. The Fund shall also consist of such other sums as may be made available to it and shall include federal grants solicited and received for the specific purposes of the Fund and all interest and income from investment of the Fund. Any sums remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. All moneys designated for the Fund shall be paid into the state treasury and credited to the Fund.B\n\nThe Department shall:1\n\nWork in collaboration with the HDA to provide loan origination and servicing activities as needed to carry out the purposes of the Fund. The costs of such services shall be considered an eligible use of the Fund; and2\n\nUse, through HDA, at least 80 percent of the moneys from the Fund to provide flexible financing for low-interest loans through eligible organizations. Such loans shall be structured to maximize leveraging opportunities. All such funds shall be repaid to the credit of the Fund. Loans may be provided for (i) affordable rental housing to include new construction, rehabilitation, repair, or acquisition of housing to assist low or moderate income citizens, including land and land improvements; (ii) down payment and closing cost assistance for homebuyers; and (iii) short-term, medium-term, and long-term loans to reduce the cost of homeownership and rental housing. Moneys required by the HDA to fund such loans and perform loan closing and disbursement services shall be transferred from the Fund to the HDA.\n\t\t\t\tThe Department may use up to 20 percent of the moneys from the Fund to provide grants through eligible organizations for targeted efforts to reduce homelessness, including (a) temporary rental assistance, not to exceed one year; (b) housing stabilization services in permanent supportive housing for homeless individuals and homeless families; (c) mortgage foreclosure counseling targeted at localities with the highest incidence of foreclosure activity; and (d) predevelopment assistance for permanent supportive housing and other long-term housing options for the homeless.C\n\nThe Fund shall be administered and managed by the Department as prescribed in this chapter. In order to carry out the administration and management of the Fund, the Department is granted the power to contract with or employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, public accountants, engineers and other technical advisers and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Department may disburse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund, including reasonable fees and costs of the HDA.D\n\nFor the purposes of this section, eligible organizations include (i) localities, (ii) local government housing authorities, (iii) regional and statewide housing assistance organizations that provide assistance to low and moderate income or low income citizens of Virginia, and (iv) limited liability companies expressly created for the purpose of owning and operating affordable housing.E\n\nIn any year prior to the expenditure of any general funds appropriated for the Fund for the next succeeding fiscal year, the Department, in conjunction with HDA, shall submit a plan outlining the proposed uses of such funds to the General Assembly. The plan shall be provided to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations no later than November 1 of each year.","order_by":null,"text":{"0":{"id":237483,"text":"There is hereby established in the state treasury a special permanent, nonreverting fund, to be known as the “Virginia Housing Trust Fund.” The Fund shall be established on the books of the Comptroller and consist of sums appropriated to the Fund by the General Assembly, all receipts by the Fund from loans made by it to housing sponsors and persons and families of low and moderate income, all income from the investment of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source, public or private. The Fund shall also consist of such other sums as may be made available to it and shall include federal grants solicited and received for the specific purposes of the Fund and all interest and income from investment of the Fund. Any sums remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. All moneys designated for the Fund shall be paid into the state treasury and credited to the Fund.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":237484,"text":"The Department shall:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":237485,"text":"Work in collaboration with the HDA to provide loan origination and servicing activities as needed to carry out the purposes of the Fund. The costs of such services shall be considered an eligible use of the Fund; and","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":237486,"text":"Use, through HDA, at least 80 percent of the moneys from the Fund to provide flexible financing for low-interest loans through eligible organizations. Such loans shall be structured to maximize leveraging opportunities. All such funds shall be repaid to the credit of the Fund. Loans may be provided for (i) affordable rental housing to include new construction, rehabilitation, repair, or acquisition of housing to assist low or moderate income citizens, including land and land improvements; (ii) down payment and closing cost assistance for homebuyers; and (iii) short-term, medium-term, and long-term loans to reduce the cost of homeownership and rental housing. Moneys required by the HDA to fund such loans and perform loan closing and disbursement services shall be transferred from the Fund to the HDA.\n\t\t\t\tThe Department may use up to 20 percent of the moneys from the Fund to provide grants through eligible organizations for targeted efforts to reduce homelessness, including (a) temporary rental assistance, not to exceed one year; (b) housing stabilization services in permanent supportive housing for homeless individuals and homeless families; (c) mortgage foreclosure counseling targeted at localities with the highest incidence of foreclosure activity; and (d) predevelopment assistance for permanent supportive housing and other long-term housing options for the homeless.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":237487,"text":"The Fund shall be administered and managed by the Department as prescribed in this chapter. In order to carry out the administration and management of the Fund, the Department is granted the power to contract with or employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, public accountants, engineers and other technical advisers and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Department may disburse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund, including reasonable fees and costs of the HDA.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"5":{"id":237488,"text":"For the purposes of this section, eligible organizations include (i) localities, (ii) local government housing authorities, (iii) regional and statewide housing assistance organizations that provide assistance to low and moderate income or low income citizens of Virginia, and (iv) limited liability companies expressly created for the purpose of owning and operating affordable housing.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":237489,"text":"In any year prior to the expenditure of any general funds appropriated for the Fund for the next succeeding fiscal year, the Department, in conjunction with HDA, shall submit a plan outlining the proposed uses of such funds to the General Assembly. The plan shall be provided to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations no later than November 1 of each year.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":16156,"edition_id":1,"name":"Virginia Housing Trust Fund","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 04:07:34","date_modified":"2026-06-26 04:07:34","permalink":{"id":209623,"object_type":"structure","relational_id":16156,"identifier":"9","token":"36\/9","url":"\/36\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12779,"edition_id":1,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":208257,"object_type":"structure","relational_id":12779,"identifier":"36","token":"36","url":"\/36\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84587,"structure_id":16156,"section_number":"36-141","catch_line":"Definitions","url":"\/36-141\/","token":"36\/9\/36-141","metadata":false},{"id":65302,"structure_id":16156,"section_number":"36-142","catch_line":"(Effective until January 1, 2026) Creation and management of Fund","url":"\/36-142\/","token":"36\/9\/36-142","metadata":false},{"id":64185,"structure_id":16156,"section_number":"36-143","catch_line":"Deposit of money; expenditures; investments","url":"\/36-143\/","token":"36\/9\/36-143","metadata":false},{"id":70705,"structure_id":16156,"section_number":"36-144","catch_line":"Annual audit","url":"\/36-144\/","token":"36\/9\/36-144","metadata":false},{"id":82811,"structure_id":16156,"section_number":"36-145","catch_line":"Collection of money due Fund","url":"\/36-145\/","token":"36\/9\/36-145","metadata":false},{"id":68749,"structure_id":16156,"section_number":"36-146","catch_line":"Loans","url":"\/36-146\/","token":"36\/9\/36-146","metadata":false},{"id":85588,"structure_id":16156,"section_number":"36-147","catch_line":"Grants","url":"\/36-147\/","token":"36\/9\/36-147","metadata":false},{"id":69760,"structure_id":16156,"section_number":"36-148","catch_line":"Pledge of assets to secure bonds of the HDA","url":"\/36-148\/","token":"36\/9\/36-148","metadata":false},{"id":69687,"structure_id":16156,"section_number":"36-148.1","catch_line":"Authorization of funding from HDA","url":"\/36-148.1\/","token":"36\/9\/36-148.1","metadata":false},{"id":69411,"structure_id":16156,"section_number":"36-149","catch_line":"Formation of corporation","url":"\/36-149\/","token":"36\/9\/36-149","metadata":false},{"id":72628,"structure_id":16156,"section_number":"36-150","catch_line":"(Effective January 1, 2026) Reports","url":"\/36-150\/","token":"36\/9\/36-150","metadata":false},{"id":80459,"structure_id":16156,"section_number":"36-151","catch_line":"Liberal construction of chapter","url":"\/36-151\/","token":"36\/9\/36-151","metadata":false}],"previous_section":{"id":84587,"structure_id":16156,"section_number":"36-141","catch_line":"Definitions","url":"\/36-141\/","token":"36\/9\/36-141","metadata":false},"next_section":{"id":64185,"structure_id":16156,"section_number":"36-143","catch_line":"Deposit of money; expenditures; investments","url":"\/36-143\/","token":"36\/9\/36-143","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-142\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 687 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2013, chapter 754<\/a>.<\/p>","references":[{"id":80967,"section_number":"36-139.10","catch_line":"(Effective January 1, 2026) Department of Housing and Community Development consolidated report","order_by":null,"url":"\/36-139.10\/"}],"refers_to":false,"permalink":{"id":209629,"object_type":"law","relational_id":65302,"identifier":"36-142","token":"36\/9\/36-142","url":"\/36-142\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-142\/","token":"36\/9\/36-142","dublin_core":{"Title":"(Effective until January 1, 2026) Creation and management of Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-142","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby established in the state treasury a special permanent, nonreverting fund<\/span>, to be known as the “Virginia Housing Trust Fund<\/span>.” The Fund<\/span> shall be established on the books of the Comptroller and consist of sums appropriated to the Fund<\/span> by the General Assembly, all receipts by the Fund<\/span> from loans made by it to housing sponsors<\/span> and persons and families of low and moderate income<\/span>, all income from the investment of moneys held in the Fund<\/span>, and any other sums designated for deposit to the Fund<\/span> from any source, public or private. The Fund<\/span> shall also consist of such other sums as may be made available to it and shall include federal grants solicited and received for the specific purposes of the Fund<\/span> and all interest and income from investment of the Fund<\/span>. Any sums remaining in the Fund<\/span>, including interest thereon, at the end of each fiscal year shall not revert to the general fund<\/span> but shall remain in the Fund<\/span>. All moneys designated for the Fund<\/span> shall be paid into the state treasury and credited to the Fund<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Department<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Work in collaboration with the HDA<\/span> to provide loan origination and servicing activities as needed to carry out the purposes of the Fund<\/span>. The costs of such services shall be considered an eligible use of the Fund<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Use, through HDA<\/span>, at least 80 percent of the moneys from the Fund<\/span> to provide flexible financing for low-interest loans through eligible organizations. Such loans shall be structured to maximize leveraging opportunities. All such funds<\/span> shall be repaid to the credit of the Fund<\/span>. Loans may be provided for (i) affordable rental housing to include new construction, rehabilitation, repair, or acquisition of housing to assist low or moderate income citizens, including land and land improvements; (ii) down payment and closing cost assistance for homebuyers; and (iii) short-term, medium-term, and long-term loans to reduce the cost of homeownership and rental housing. Moneys required by the HDA<\/span> to fund<\/span> such loans and perform loan closing and disbursement services shall be transferred from the Fund<\/span> to the HDA<\/span>.\n\t\t\t\tThe Department<\/span> may use up to 20 percent of the moneys from the Fund<\/span> to provide grants through eligible organizations for targeted efforts to reduce homelessness, including (a) temporary rental assistance, not to exceed one year; (b) housing stabilization services in permanent supportive housing for homeless individuals and homeless families; (c) mortgage foreclosure counseling targeted at localities with the highest incidence of foreclosure activity; and (d) predevelopment assistance for permanent supportive housing and other long-term housing options for the homeless. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Fund<\/span> shall be administered and managed by the Department<\/span> as prescribed in this chapter. In order<\/span> to carry out the administration and management of the Fund<\/span>, the Department<\/span> is granted the power to contract<\/span> with or employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, public accountants, engineers and other technical advisers and, the provisions of any other law<\/span> to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Department<\/span> may disburse from the Fund<\/span> its reasonable costs and expenses incurred in the administration and management of the Fund<\/span>, including reasonable fees and costs of the HDA<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> For the purposes of this section, eligible organizations include (i) localities, (ii) local government housing authorities, (iii) regional and statewide housing assistance organizations that provide assistance to low and moderate income<\/span> or low income citizens of Virginia, and (iv) limited liability companies expressly created for the purpose of owning and operating affordable housing. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In any year prior to the expenditure of any general funds<\/span> appropriated for the Fund<\/span> for the next succeeding fiscal year, the Department<\/span>, in conjunction with HDA<\/span>, shall submit a plan outlining the proposed uses of such funds<\/span> to the General Assembly. The plan shall be provided to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations no later than November 1 of each year. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE UNTIL JANUARY 1, 2026) CREATION AND MANAGEMENT OF FUND (\u00a7 36-142)\n\nA. There is hereby established in the state treasury a special permanent,\nnonreverting fund, to be known as the “Virginia Housing Trust Fund.”\nThe Fund shall be established on the books of the Comptroller and consist of\nsums appropriated to the Fund by the General Assembly, all receipts by the Fund\nfrom loans made by it to housing sponsors and persons and families of low and\nmoderate income, all income from the investment of moneys held in the Fund, and\nany other sums designated for deposit to the Fund from any source, public or\nprivate. The Fund shall also consist of such other sums as may be made available\nto it and shall include federal grants solicited and received for the specific\npurposes of the Fund and all interest and income from investment of the Fund.\nAny sums remaining in the Fund, including interest thereon, at the end of each\nfiscal year shall not revert to the general fund but shall remain in the Fund.\nAll moneys designated for the Fund shall be paid into the state treasury and\ncredited to the Fund.\n\nB. The Department shall:\n\n 1. Work in collaboration with the HDA to provide loan origination and\n servicing activities as needed to carry out the purposes of the Fund. The\n costs of such services shall be considered an eligible use of the Fund; and\n\n 2. Use, through HDA, at least 80 percent of the moneys from the Fund to\n provide flexible financing for low-interest loans through eligible\n organizations. Such loans shall be structured to maximize leveraging\n opportunities. All such funds shall be repaid to the credit of the Fund. Loans\n may be provided for (i) affordable rental housing to include new construction,\n rehabilitation, repair, or acquisition of housing to assist low or moderate\n income citizens, including land and land improvements; (ii) down payment and\n closing cost assistance for homebuyers; and (iii) short-term, medium-term, and\n long-term loans to reduce the cost of homeownership and rental housing. Moneys\n required by the HDA to fund such loans and perform loan closing and\n disbursement services shall be transferred from the Fund to the HDA.\n \t\t\t\tThe Department may use up to 20 percent of the moneys from the Fund to\n provide grants through eligible organizations for targeted efforts to reduce\n homelessness, including (a) temporary rental assistance, not to exceed one\n year; (b) housing stabilization services in permanent supportive housing for\n homeless individuals and homeless families; (c) mortgage foreclosure\n counseling targeted at localities with the highest incidence of foreclosure\n activity; and (d) predevelopment assistance for permanent supportive housing\n and other long-term housing options for the homeless.\n\nC. The Fund shall be administered and managed by the Department as prescribed in\nthis chapter. In order to carry out the administration and management of the\nFund, the Department is granted the power to contract with or employ officers,\nemployees, agents, advisers and consultants, including, without limitation,\nattorneys, financial advisers, public accountants, engineers and other technical\nadvisers and, the provisions of any other law to the contrary notwithstanding,\nto determine their duties and compensation without the approval of any other\nagency or instrumentality. The Department may disburse from the Fund its\nreasonable costs and expenses incurred in the administration and management of\nthe Fund, including reasonable fees and costs of the HDA.\n\nD. For the purposes of this section, eligible organizations include (i)\nlocalities, (ii) local government housing authorities, (iii) regional and\nstatewide housing assistance organizations that provide assistance to low and\nmoderate income or low income citizens of Virginia, and (iv) limited liability\ncompanies expressly created for the purpose of owning and operating affordable\nhousing.\n\nE. In any year prior to the expenditure of any general funds appropriated for\nthe Fund for the next succeeding fiscal year, the Department, in conjunction\nwith HDA, shall submit a plan outlining the proposed uses of such funds to the\nGeneral Assembly. The plan shall be provided to the Chairmen of the House\nCommittee on Appropriations and the Senate Committee on Finance and\nAppropriations no later than November 1 of each year.\n\nHISTORY: 1988, c. 687; 2013, c. 754.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}