Low-Income Housing Tax Credits & Preservation in Virginia, 2016

Virginia’s 2016 Qualified Allocation Plan (QAP) offers point incentives for preservation and extended use.

Point Incentives

20 points are awarded to developments currently subject to HUD’s Section 8 or Section 236 programs or Rural Development’s Section 515 program. In addition, 10 points are awarded to developments receiving new project-based subsidy from HUD or Rural Development for the greater of 5 apartments or 10% of the apartments of the proposed development.

All applications seeking credits for rehabilitation of existing apartments must provide for contractor construction costs of at least $10,000 per unit for developments financed with tax-exempt bonds and $15,000 per unit for all other developments.

Extended Use

Virginia’s 2016 QAP awards up to 50 points for a commitment to impose income limits on the low-income housing units throughout the extended use period, based on the percentage of housing units in the proposed development both rent-restricted to and occupied by households at or below 50% AMGI.

An additional 10 points are awarded for each percentage point of units in the proposed development that are further restricted to rents at or below 30% of 40% AMGI. 

 

 

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Contributed By: 
National Housing Trust

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