Virginia May Make Preservation Tax Credits Available Statewide

摘要

The Virginia Housing Development Authority (VHDA) has proposed expanding eligibility for a discretionary noncompetitive set-aside that provides low-income housing tax credits to preserve affordable housing projects. Currently, the state's qualified allocation plan (QAP) gives the VHDA executive director authority to allocate up to 15 percent of the current-year credit ceiling from the following year's credit cap outside of the authority's competitive application cycles to a Northern Virginia preservation project. Projects that apply for these preservation credits are prohibited from submitting competitive applications.