Virginia Housing is offering the following COVID-19-based LIHTC relief on a case-by-case basis subject to approval by the agency:
- Ten Percent Test: Virginia Housing will grant an extension to the ten percent test for projects that received an allocation of 2019 LIHTCs. The new ten percent test deadline is June 6, 2021.
- Placed in Service Deadline: Virginia Housing will grant a 12-month extension to the placed in-service deadline for all projects that received an allocation of 2018 or 2019 LIHTCs. The new deadline will be December 31, 2021 or December 31, 2022, depending on the date of original allocation.
Sponsors that wish to avail themselves of this relief must submit a written request via the Change Request Form no later than October 30, 2020. Virginia Housing will respond in writing to all requests.
Virginia Housing is still accepting requests to refresh credits but encourage all to exhaust this federal extension first. Credit refresh requests must also be received via our Change Request Form no later than October 30, 2020. Questions should be sent to taxcreditapps@virginiahousing.com.
