The presentation at the Virginia Housing Development Authority’s (VHDA) 2020 LIHTC workshops in January indicated an anticipated nine percent available credit amount of $15,751,701. Due to multiple deals returning allocated credits, the revised anticipated credit amount for the 2020 competitive round is $16,854,854.

Anyone who has submitted a Locality Notification Information (LNI) form to the Authority and would like to apply for credits within a pool other than the one specified on their LNI may do so. However, applicants must notify the LIHTC department at TaxCreditApps@vhda.com prior to the application deadline if they intend to compete in a different pool. An applicant may make an irrevocable election to switch pools only once, and VHDA will not update the LNI information posted on the VHDA website as we are notified of applicants’ desire to switch pools.

There have been a number of inquiries ahead of the competitive round regarding subsidized funding points being awarded to deals that have sponsor, or identity of interest, loans. Such loans may be eligible for subsidized funding points but only if they include some commitment or approval of funding from a third party. For example, HOME funds or DHCD Housing Trust Funds that are granted to the sponsor entity, then loaned back into the project would be eligible, however points will not be awarded based on the pursuit, or anticipated award of such funds. Also deferred developer fee amounts are not available for subsidized funding points.

LIHTC Reminders

  • The deadline for the 2020 competitive nine percent reservation applications is Thursday, March 12 at 12:00 pm ET.
  • All applications for the Accessible Supportive Housing (ASH) pool are also due Thursday, March 12 at 12:00 pm ET.
  • Applicants seeking a nine percent reservation of credits for either of the above deadlines should make sure they are using Version 1.3 (or higher) of the LIHTC application.

QAP Updates
There will be a QAP forum discussing potential changes for the 2021 QAP held at VHDA headquarters at 601 S. Belvidere St. on Wednesday, May 20. This is being held in conjunction with the Annual Golf tournament on Thursday, May 21 in the hope some attendees traveling into town for the tournament can also make the QAP forum.