Virginia

The Virginia Housing Development Authority has made corrections to its 2013 Low-Income Housing Tax Credit (LIHTC) Reservation Application and updated its Rural Development Priority list.

The Virginia Housing Development Authority (VHDA) is seeking submissions from individuals who wish to be included on its Experienced LIHTC Developer list. This list is used during the LIHTC application review process to help determine point allocations in the Developer Experience category.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

On October 3, 2012, the Virginia Housing Development Authority Board of Commissioners approved revisions to the 2013 Qualified Allocation Plan. The revisions were proposed by VHDA and left open for public comment through September 24, 2012. All of the proposed major changes were approved. The changes have been sent to the Governor for final approval.

The National Housing & Rehabilitation Association (NH&RA) has announced five winners and ten finalists across ten competitive categories for this year’s J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. The “Timmy Awards” will be presented at an awards luncheon and ceremony on Tuesday, October 30 at the Langham Hotel in Boston, Massachusetts, held in conjunction with the association’s Annual Fall Developers Forum. The winners and finalists represent fourteen different communities in ten states””Connecticut, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, Oklahoma, Pennsylvania, Tennessee, Virginia””as well as the District of Columbia.

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:

The Virginia Housing Development Authority (VHDA) and the Virginia Department of Community Development (DHCD) are considering submitting an application for federal project-based rent subsidy funding under the Section 811 Demo program.

The Virginia Housing Development Authority is in the process of establishing cost limits for the 2013 LIHTC allocation cycle.

The Virginia Housing Development Authority (VHDA) has released a memo to provide clarification for potential applicants in the state’s 2012 LIHTC funding round.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.

The Virginia Housing Development Authority (VHDA) issued a memo to all potential applicants for the 2012 LIHTC allocation round to announce changes to the tax credit program.