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 13VAC10-180-30 - General description

Current through Register Vol. 40, No. 24, July 15, 2024
The IRC provides for credits to the owners of residential
				  rental developments comprised of qualified low-income buildings in which
				  low-income housing units are provided, all as described therein. The aggregate
				  amount of such credits (other than credits for developments financed with
				  certain tax-exempt bonds as provided in the IRC) allocated in any calendar year
				  within the Commonwealth may not exceed the Commonwealth's annual state housing
				  credit ceiling for such year under the IRC. An amount not less than 10% of such
				  ceiling is set-aside for developments in which certain qualified nonprofit
				  organizations hold an ownership interest and materially participate in the
				  development and operation thereof. Credit allocation amounts are counted
				  against the Commonwealth's annual state housing credit ceiling for credits for
				  the calendar year in which the credits are allocated. The IRC provides for the
				  allocation of the Commonwealth's state housing credit ceiling for credits to
				  the housing credit agency of the Commonwealth. The authority has been
				  designated by executive order of the Governor as the housing credit agency
				  under the IRC and, in such capacity, shall allocate for each calendar year
				  credits to qualified low-income buildings or developments in accordance
				  herewith.
Credits may be allocated to each qualified low-income
				  building in a development separately or to the development as a whole in
				  accordance with the IRC.
Credits may be allocated to such buildings or development
				  either (i) during the calendar year in which such building or development is
				  placed in service or (ii) if the building or development meets the requirements
				  of § 42(h)(1)(E) of the IRC, during one of the two years preceding the
				  calendar year in which such building or development is expected to be placed in
				  service. Prior to such allocation, the authority shall receive and review
				  applications for reservations of credits as described hereinbelow and shall
				  make such reservations of credits to eligible applications in accordance
				  herewith and subject to satisfaction of certain terms and conditions as
				  described herein. Upon compliance with such terms and conditions and, as
				  applicable, either (i) the placement in service of the qualified low-income
				  buildings or development or (ii) the satisfaction of the requirements of §
				  42(h)(1)(E) of the IRC with respect to such buildings or the development, the
				  credits shall be allocated to such buildings or the development as a whole in
				  the calendar year for which such credits were reserved by the authority.
Except as otherwise provided herein or as may otherwise be
				  required by the IRC, this chapter shall not apply to credits with respect to
				  any development or building to be financed by certain tax-exempt bonds in an
				  amount so as not to require under the IRC an allocation of credits hereunder.
				  (See 13VAC10-180-100.)
The authority shall charge to each applicant fees in such
				  amounts as the executive director shall determine to be necessary to cover the
				  administrative costs to the authority, but not to exceed the maximum amount
				  permitted under the IRC. Such fees shall be payable at such time or times as
				  the executive director shall require.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.