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Senator Jordan seeks flexibility in Virginia Housing Trust Fund allocations to boost homelessness funding
Summary
Senator Jordan explained Senate Bill 1344, which would allow adjustments in the allocation ratio within the Virginia Housing Trust Fund to shift more funds toward homelessness reduction grants rather than long-term loans, citing urgent needs in Hampton Roads.
Senator Jennifer Jordan outlined Senate Bill 1344 to the Virginia Housing Commission—s work group on Aug. 19, saying the measure would give the Commonwealth flexibility to alter the Virginia Housing Trust Fund's existing allocation between loan financing and homelessness-focused grants.
"Currently, the Virginia Housing Trust Fund has a ratio of 65% that is dedicated to low-interest loans ... and only 20% is assigned for grants for targeted efforts to reduce homelessness," Jordan said. She told members the bill would allow the ratio to shift so regions with concentrated homelessness could access additional grant funding while the state continues to support construction financing.
Nut graf: The bill is intended to provide short-term flexibility to address urgent homelessness needs in areas such as Hampton Roads; commissioners said they would continue work with the senator to refine language and assess statewide impacts.
The chair thanked Senator Jordan and said the commission would continue to work with her and staff on technical edits and possible alternatives. The senator described the measure as an attempt to "find some additional funding to address our targeted homelessness population as we work towards addressing the affordable housing crisis."
Ending: Commission members offered to review technical language and to help shape a version that balances statewide project financing needs with immediate homelessness interventions.
