Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 180 - RULES AND REGULATIONS FOR ALLOCATION OF LOW-INCOME HOUSING TAX CREDITS › Section 13VAC10-180-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter
				  shall have the following meanings unless the context clearly indicates
				  otherwise:
"Applicant" means an applicant for credits under this
				  chapter and also means the owner of the development to whom the credits are
				  allocated.
"Credits" means the low-income housing tax credits as
				  described in § 42 of the IRC.
"Elderly housing" means any development intended to provide
				  housing for elderly persons as an exemption to the provisions regarding
				  familial status under the United States Fair Housing Act ( 42 USC § 3601
				  et seq.).
"IRC" means the Internal Revenue Code of 1986, as amended,
				  and the rules, regulations, notices and other official pronouncements
				  promulgated thereunder.
"IRS" means the Internal Revenue Service.
"Low-income housing units" means those units that are
				  defined as "low income units" under § 42 of the IRC.
"Low-income jurisdiction" means any city or county in the
				  Commonwealth with an area median income at or below the Virginia nonmetro area
				  median income established by the U.S. Department of Housing and Urban
				  Development (HUD).
"Principal" means any person (including any individual,
				  joint venture, partnership, limited liability company, corporation, nonprofit
				  organization, trust, or any other public or private entity) that (i) with
				  respect to the proposed development will own or participate in the ownership of
				  the proposed development or (ii) with respect to an existing multifamily rental
				  project has owned or participated in the ownership of such project, all as more
				  fully described hereinbelow. The person who is the owner of the proposed
				  development or multifamily rental project is considered a principal. In
				  determining whether any other person is a principal, the following guidelines
				  shall govern:
(i) in the case of a
				partnership that is a principal (whether as the owner or otherwise), all
				general partners are also considered principals, regardless of the percentage
				interest of the general partner;
(ii) in the case of a public or private
				corporation or organization or governmental entity that is a principal (whether
				as the owner or otherwise), principals also include the president, vice
				president, secretary, and treasurer and other officers who are directly
				responsible to the board of directors or any equivalent governing body, as well
				as all directors or other members of the governing body and any stockholder
				having a 25% or more interest;
(iii) in the case of a limited liability
				company that is a principal (whether as the owner or otherwise), all members
				are also considered principals, regardless of the percentage interest of the
				member;
(iv) in the case of a
				trust that is a principal (whether as the owner or otherwise), all persons
				having a 25% or more beneficial ownership interest in the assets of such trust;
(v) in the case of any other
				person that is a principal (whether as the owner or otherwise), all persons
				having a 25% or more ownership interest in such other person are also
				considered principals; and
(vi)
				any person that directly or indirectly controls, or has the power to control, a
				principal shall also be considered a principal.
"Qualified application" means a written request for tax
				  credits that is submitted on a form or forms prescribed or approved by the
				  executive director together with all documents required by the authority for
				  submission and meets all minimum scoring requirements.
"Qualified low-income buildings" or "qualified low-income
				  development" means the buildings or development that meets the applicable
				  requirements in § 42 of the IRC to qualify for an allocation of credits
				  thereunder.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.