On October 3, 2012, the Virginia Housing Development Authority Board of Commissioners approved revisions to the 2013 Qualified Allocation Plan. The revisions were proposed by VHDA and left open for public comment through September 24, 2012. All of the proposed major changes were approved. Click here to read of summary of the changes. The changes have been sent to the Governor for final approval.
In a memorandum, VHDA announced a programmatic change to the tax credit program, which will not be included in the 2013 QAP. VHDA plans to divide the total development cost limits into two geographic areas: 1.) Inner Northern Virginia (Arlington and Fairfax Counties and Alexandria, Fairfax and Falls Church Cities) and 2.) the rest of the state. Developments in the rest of the state will use the HUD 221(d)3 loan limits adjusted with a 15% increase for its per unit cost limit. The Inner Northern Virginia cost limits will be divided into 1.) new construction or adaptive reuse and 2.) acquisition/rehabilitation. New construction per unit cost limits will be set at $315,000 with an adjustment of up to $35,000 for underground or structured parking. The cost limit for acquisition/rehabilitation developments will be $275,000.
VHDA will host How-to-Apply workshops during the month of January. The workshops will cover topics about the QAP, application requirements, common mistakes made on the spreadsheet application, and how to submit the web-based locality notification information. Information on the workshops and how to register can be found on VHDA’s online calendar.
VHDA anticipates making the application materials available online in mid to late December 2012. Applications are scheduled to be due March 15, 2012 with an announcement of final rankings on June 5, 2012.
Click here to read the Board approved QAP. For questions, please contact Jim Chandler at 804-343-5786 or jim.chandler@vhda.com.
