Virginia

Virginia Housing is providing stakeholders an opportunity to weigh in on any, or all, proposed 2022 QAP changes via an online QAP survey. The survey is broken into eight sections and each proposed change is outlined with a description, reference to the applicable page in the QAP where the change is proposed and actual language being considered. The survey will conclude on August 12. Comments can also be sent to [email protected].  

Based on feedback, Virginia Housing made changes to streamline the application process for emergency rental assistance

Virginia Housing has decided to limit the state’s new Housing Opportunity Tax Credit to $15 million per fiscal year for five years, for an aggregate program amount of $75 million.

Woda Cooper Companies, Inc. announced that it was honored as the 2021 Housing Champion by the Community Transformers Foundation (CTF) at the nonprofit organization’s virtual awards ceremony June 12, 2021. Community Transformers Foundation is a private, independent foundation serving communities in Virginia. It was created to address health and social inequities in communities that are historically under served and represented. CTF focuses on four areas addressing economic stability, social and community engagement, education and wellness and health care. 

Virginia Gov. Ralph Northam (D) signed into law legislation creating a state LIHTC. S.B. 1197 creates the Virginia housing opportunity tax credit, which will have a $15 million annual allocation for five years, applying to taxable years beginning on or after January 1, 2021. The state credit will match federal four and nine percent LIHTC allocations.

The Virginia legislature recently approved a bill to create a State LIHTC, sending the legislation to Gov. Ralph Northam’s (D) desk. S.B. 1197 creates the Virginia housing opportunity tax credit with a $15 million annual allocation for five years. The credit would be effective for taxable years beginning on or after January 1, 2021, and […]

Virginia Housing updated its 2021 LIHTC Application FAQ as of March 2 and encourages developers to regularly check their website for updated FAQs.

Virginia Housing will hold a QAP initial discussion on February 17 from 10 a.m. to noon to receive stakeholder input on potential changes to incorporate in the 2022 QAP. Register here.

SCG Development announced the closing of Ovation at Arrowbrook Apartments, located in Herndon, VA. Ovation will be a $100 million mixed-use development located in close proximity to the future Innovation Center Silver Line Metro Station and the Center for Innovative Technology in Herndon, VA. The development will feature 274 affordable apartment homes with 38,000 square […]

Virginia H.B. 2050 would create a state LIHTC equal to the amount of the federal LIHTC that a development receives. The bill would create the Virginia Housing Opportunity Tax Credit, effective January 1, 2021. The credit would not be refundable but could be carried forward up to five years.

Virginia Housing unveiled the 2021 LIHTC Manual and accompanying 2021 Application for Reservation of Credits. Please note, Virginia Housing made no changes to the QAP last year so there are no major programmatic changes for the upcoming competitive round. A very brief list of administrative changes may be found on page two of the manual, […]

House Bill 854 directs Virginia Housing and the Department of Housing and Community Development (DHCD) to conduct a study of state policies and programs. The survey is an opportunity to provide detailed and meaningful feedback on any and all state-administered housing funds, policies and programs your organization uses.