Virginia Housing Development Authority released a clarification of Market Studies for any 4%/9% combo deal and for its updated application.
One market study is acceptable for 4%/9% combo developments if:
- The principals or the owner of each individual transaction is separately addressed in the report
- Each project is described separately, e.g. # units, unit types, income restrictions, etc.
The absorption and capture rate discussions should be in the context of the combined projects.
VHDA updated the application for 2015 to version 2.0. Previously there was a calculation error on the Score Sheet for item 7b. If your deal has less than 50% of the units with rent and income at or below 50% AMI, you will now need to use version 2.0 for the application to calculate the proper number of points. If this does not apply to your deal, no action is needed.
If you have already completed the previous version, you can email Hope Rutter at hope.rutter@vhda.com to update your application.
