Virginia

Virginia H.B. 2050 would create a state LIHTC equal to the amount of the federal LIHTC that a development receives. The bill would create the Virginia Housing Opportunity Tax Credit, effective January 1, 2021. The credit would not be refundable but could be carried forward up to five years.

Virginia Housing unveiled the 2021 LIHTC Manual and accompanying 2021 Application for Reservation of Credits. Please note, Virginia Housing made no changes to the QAP last year so there are no major programmatic changes for the upcoming competitive round. A very brief list of administrative changes may be found on page two of the manual, […]

House Bill 854 directs Virginia Housing and the Department of Housing and Community Development (DHCD) to conduct a study of state policies and programs. The survey is an opportunity to provide detailed and meaningful feedback on any and all state-administered housing funds, policies and programs your organization uses.

Virginia Housing will host a Universal Design Certification class on December 7, 2020 at 9:30 a.m. ET via WebEx. Architects who last completed a Virginia Housing Universal Design Seminar prior to January 1, 2016 must be re-certified so that developments they work on are eligible to request Universal Design points in the 2021 Tax Credit Application round.

Virginia Housing is offering the following COVID-19-based LIHTC relief on a case-by-case basis subject to approval by the agency. 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.

Governor Ralph Northam announced the expansion of the Rent and Mortgage Relief Program (RMRP). Landlords can now apply to receive financial assistance for current and past-due rental payments dating back to April 1, 2020 on behalf of their tenants who qualify for RMRP.

Through the Virginia Rent and Mortgage Relief Program (RMRP), eligible landlords can apply on behalf of their tenants to receive financial assistance for past-due rental payments dating back to April 1, 2020. Funding for RMRP is through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.

Effective July 1, 2020, the Virginia Fair Housing law was updated to include four new protected classes; source of income, status as a veteran, gender identity and sexual orientation in addition to race, color, religion, national origin, sex, elderliness, familial status and disability.

In response to the COVID-19 national emergency, the Virginia Housing Development Authority (VHDA) will be offering a mortgage forbearance program for VHDA financed loans, loans through the Department of Housing and Community Development and the Virginia Housing Trust Fund.

The Virginia Housing Development Authority (VHDA) continues to accept Rental Housing applications and underwrite loans, although they stopped posting a daily rate sheet on their website. Upon completion of its May capital markets activity, VHDA expects to reassess its access to the capital markets and to establish a schedule for future taxable and tax-exempt Rental Housing bond issuance that could provide funding for new production. The earliest such schedule is expected to require signed commitments and payment of points is by June 30, to accommodate a mid-July bond pricing.

Virginia Housing Development Agency (VHDA) will offer a mortgage forbearance program for VHDA financed loans, loans through the Department of Housing and Community Development and the Virginia Housing Trust Fund.

Virginia Housing will host a WebEx session on Friday, April 10, 2020, at 10:00 am ET to discuss our Multifamily Forbearance Plans in response to the COVID-19 pandemic.