The Virginia Housing Development Authority (VHDA) released an update for potential applicants regarding reservation applications to the Low Income Housing Tax Credit (LIHTC) program. VHDA has recognized that applicants for 4% tax exempt bonds are experiencing difficulty meeting the minimum point threshold of 450 points. This is largely due to the elimination of two significant point categories from the previous year that were typically awarded to bond project applications. VHDA has therefore decided to amend the threshold score for 4% tax exempt bond applications to 350 points. The minimum threshold for all 9% competitive tax credit applications will remain at 450 points.
VHDA has also made several corrections to the reservation application, with the most significant impact on self-scoring in the “efficient use of resources” category. VHDA encourages any applicant who is unsure whether he or she is using the most recent version of the application to email the application to Alena Henderson at alena.henderson@vhda.com. VHDA staff will transfer information from old versions of the application into a new application and return it to the applicant. Also, VHDA emphasizes that if an applicant is working on more than one application, he or she must submit one application per project, which must remain associated with that specific project through application submission.
To read VHDA’s memo in its entirety, please click here.
For more information about VHDA’s LIHTC application process, please click here.
