Low-Income Housing Tax Credits & Cost Containment in Virginia, 2017

In response to concern about the cost of tax credit units, Virginia's 2017 Qualified Allocation Plan (QAP) has provided points in the scoring criteria to developers producing units more efficiently. 

Up to 100 points will be awarded based on the percentage by which the cost per low-income housing unit type for a given property is less than the highest per unit type cost. The cost per unit type for the proposed property will be determined by dividing the total development costs, as adjusted, by the total heated residential square feet area. The cost calculation will exclude land cost, tap fees, operating reserves and commercial space. This cost per square foot will then be multiplied by the average unit square footage for each unit type. 

 

Virginia records brought to you by Hertzbach & Company

Attached Image: 
Contributed By: 
National Housing Trust

Other Items of Interest