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1997 SESSION

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HOUSE JOINT RESOLUTION NO. 618 Memorializing the Congress of the United States to continue the Low Income Housing Tax Credit Program.

Agreed to by the House of Delegates, February 2, 1997 Agreed to by the Senate, February 19, 1997

WHEREAS, in 1986, the United States Congress created the Low Income Housing Tax Credit Program to assist in the construction and rehabilitation of housing for low and moderate income persons and families at rents which would be affordable to them; and

WHEREAS, since the creation of the Low Income Housing Tax Credit Program, approximately $75 million worth of tax credits have been allocated in Virginia for more than 22,000 rental housing units; and

WHEREAS, the tax credits so allocated have generated over $350 million in private investment funds which have been leveraged with more than $1 billion in funding from other public and private sources; and

WHEREAS, the Low Income Housing Tax Credit Program has created a successful partnership of the public and private sectors, bringing together multiple parties and sources of funding and, in particular, has encouraged the involvement of nonprofit organizations in the ownership and operation of low and moderate income housing; and

WHEREAS, the administration of the Low Income Housing Tax Credit Program has been implemented by the states without any increase in the federal bureaucracy and minimal operating cost to the public; and

WHEREAS, the Low Income Housing Tax Credit Program is the only major federal program for the construction and rehabilitation of low and moderate income housing and should be continued in order to ensure the availability of an important source of funds for such housing; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That the Congress of the United States be requested to continue the Low Income Housing Tax Credit Program; and, be it

RESOLVED FURTHER, That the Clerk of the House of Delegates transmit a copy of this resolution to the Speaker of the United States House of Representatives, the President of the United States Senate, and the Congressional Delegation of Virginia to apprise them of the sense of the General Assembly of Virginia in this matter.