Virginia Housing Development Authority (VHDA) Executive Director Jim Chandler recently issued a 2012 QAP Letter that provides an update on certain aspects of the 2012 Low-Income Housing Tax Credit procedures, including a summary of major changes to the 2012 Qualified Allocation Plan (QAP), which are summarized below. The notice also revises the 2012 “How-to-Apply” Workshops. Key changes to the 2012 QAP include:

  • Increase the Local Housing Authority (LHA) pool to 15% and restrict LHA-sponsored developments to the LHA pool;
  • Add a New Construction pool of 15% of the subsequent year’s credits, and eliminate the non-competitive Preservation pool;
  • Eliminate requirement that limits new construction points to Urban Development Areas or Affordable Dwelling Unit designation;
  • Expand point scoring for project amenities;
  • Allow VHDA Executive Director to add additional credits to a pool from the subsequent year’s credit amount in order to fully fund a development when there are not enough credits remaining;
  • Provide a list of pre-qualified developers;
  • Create an approved list of Market Analysts and limit the number of studies that one firm may perform in the competitive round.

To read the letter, click here.