Department of Housing and Community Development
Board of Housing and Community Development
Rules and Regulations for the Virginia Low-Income Housing Tax Credit
[13 VAC 5 ‑ 175]
Chapter Information
| Description | The General Assembly enacted legislation to create a Virginia low-income housing tax credit for persons (individuals or any legal entity) providing rental-housing units in Virginia for occupancy by low-income households. The Virginia tax credit was developed to supplement the federal low-income housing tax credit (administered by the Virginia Housing Development Authority) and thereby provide a greater incentive to increase low-income housing opportunities in the Commonwealth. The state tax credit is administered by the Department of Housing and Community Development. To qualify for the Virginia low-income housing tax credit, the applicant must qualify for and claim the federal low-income housing tax credit. The Virginia low-income housing tax credit is available for qualified housing units placed in service on or after January 1, 1998. A credit is available for up to five consecutive, taxable years, provided a federal low-income housing tax credit is allowed and claimed during each year the state credit is claimed. The Board of Housing and Community Development adopts regulations for the allocation of this state tax credit. Beginning January 1, 2002, regulations require projects to compete for the statutorily limited amount of available tax credits. Projects will be awarded points based on the low-income housing needs they will serve. The projects receiving the highest point totals will be allocated tax credit authority. |
| State Authority | ยง 36-55.63 of the Code of Virginia |
| Federal Authority | None entered |
| Periodic Review Note | Enabling legislation repealed |
| Exempt from APA | Yes, changes to this chapter of the VA Administrative Code are exempt from Article 2 of the Administrative Process Act. |
| Text of Regulation | Link to Virginia Administrative Code |
| Goals of Regulation | None entered |
| Meetings | See all meetings (1) relating to this chapter. |
Contact Information
| Name / Title: | Trisha Lindsey / Policy Planning Manager III |
| Address: |
Main Street Centre 600 East Main Street, Suite 300 Richmond, VA 23219 |
| Email Address: | Trisha.Lindsey@dhcd.virginia.gov |
| Telephone: | (804)371-7000 FAX: (804)371-7090 TDD: (804)371-7089 |
| Current Actions | ||
| Action Title | Latest Stage | Status |
|---|---|---|
| None | ||
| Past Actions | ||
| Action Title | Latest Stage | Status |
|---|---|---|
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Amendment
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Final | Stage complete. This regulation became effective on 01/01/2002. |