The Virginia Housing Development Authority (VHDA) issued a memo to all potential applicants for the 2012 LIHTC allocation round to announce changes to the tax credit program. Those changes include:
- Applications for the non-competitive disability pool will be accepted no earlier than June 15 and no later than November 2, 2012. Locality Notification Information will be accepted beginning May 1, 2012;
- Appraisals are required for all acquisition rehab development applications seeking a LIHTC reservation. Appraisals must meet VHDA’s 2012 Appraisal Requirements, including the requirement that appraisals may be no more than 6 months old at the time of the LIHTC reservation. Appraisals will be obtained independently by the applicant; however, VHDA may require an additional appraisal (at the owner’s cost), if there are unresolved feasibility concerns. As in years past, VHDA will accept RD appraisals that provide values requested in its 2012 Appraisal Guidelines;
- VHDA has also developed an Experienced LIHTC Developers list that was compiled using documentation submitted between 2007 and 2011. Documentation indicated that the principal was Controlling General Partner of at least 6 LIHTC developments. Organizations/individuals included on the list are excluded from the 8909 documentation requirements and are not required to complete a Previous Participation Certification.
Questions or comments concerning these changes may be directed to Jim Chandler at (804) 343-5786 or by email at jim.chandler@vhda.com.
To view the VHDA memo, click here.
