The Virginia Housing Development Authority (VHDA) has released its proposal for the 2013 Qualified Allocation Plan (QAP). In a memo, VHDA summarized the proposed changes, indicating changes to applicant qualifications and scoring allocations. These changes include:
- Removing the VHDA Certified Property Management company as a point category and making this a minimum requirement for all developments applying for tax credits.
- Removing the “unit size,” “geothermal heat pump,” and “solar electric system” point categories.
- Increasing the points available to the “credit-per-unit calculation” and the “cost-per-unit calculation.”
- Eliminating the QCT/Revitalization credit adjustment in the credit-per-unit calculation.
- Changing the minimum threshold score for all applications to 450 points.
To review the proposal with highlighted changes, please click here.
With the publication of the proposed changes, the QAP is now open for public comment through September 24, 2012. VHDA has scheduled two forums to be conducted simultaneously on September 11, 2012 from 2:00pm- 3:00pm. The forums will be held at VHDA’s Southwest Housing Center in Wytheville, VA and the Virginia Housing Center in Innsbrook.
In addition, VHDA will hold a formal public hearing for the proposed QAP on September 24, 2012 at 10:00am at VHDA’s main office.
Those who wish submit comments must do so at the public hearing or send written comments to VHDA prior to the close of the public hearing on September 24th.
VHDA anticipates to finalize the QAP at the October 3rd Board of Commissioners meeting and to conduct application workshops in January 2013. The tentative application deadline is March 15, 2013.
For questions, please contact Jim Chandler, Director of LIHTC Programs at 804-343-5786.