The Senate of Virginia has approved a one-time appropriation of approximately $10 million to be deposited into the Virginia Housing Trust Fund.

If ultimately approved, the Fund will be administered by the Virginia Department of Housing and Community Development. The Senate, as a body, has suggested that the majority of the $10 million be used for “gap” financing. We have long believed that using finds for “gap” financing was one of the most productive uses of money and are very supportive of this approach.

This is far from being final.

This is only the first in a series of steps that will actively monitor. Now that the Senate has approved the movement, it goes back to the House of Delegates….eventually, the Senate and House budget conferees will determine if it will be included in the final budget. After that, the budget goes before Governor McDonnell for his approval, amendments or out-right veto.

We will continue to keep you posted on any developments.