West Virginia Housing Development Fund has made the following announcements regarding recent LIHTC improvements signed into law.
Volume Cap Increase
As soon as possible, the Fund will officially release the 2018 State Housing Credit Ceiling Set-Aside Category amounts which will reflect the 12.5% increase in West Virginia’s credit authority. The Fund is still awaiting the 2018 Calendar Year Resident Population Figures from the IRS, which is necessary for an official release. WVHDF has been told that the figures should be released by the end of the month.
Income Averaging Provision
West Virginia is taking a cautious approach to this provision. The Fund anticipates being more restrictive by not permitting this provision in its first year of existence, namely 2018. This provision will be fully studied by the LIHTCP and Asset Management departments to determine how it will impact not only the LIHTCP application forms but the compliance monitoring of these properties.
