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 13VAC10-180-50 - Application

Current through Register Vol. 40, No. 24, July 15, 2024
A. Prior to
				submitting an application for reservation, applicants shall submit on such form
				as required by the executive director, the letter for authority signature by
				which the authority shall notify the chief executive officers (or the
				equivalent) of the local jurisdictions in which the developments are to be
				located to provide such officers a reasonable opportunity to comment on the
				developments.
B. Application for a
				reservation of credits:
1. Shall be commenced
				by filing with the authority an application, on such forms as the executive
				director may from time to time prescribe or approve, together with such
				documents and additional information (including, without limitation, a market
				study that is prepared by a housing market analyst who meets the authority's
				requirements for an approved analyst, as set forth on the application form,
				instructions, or other communication available to the public, that shows
				adequate demand for the housing units to be produced by the applicant's
				proposed development) as may be requested by the authority in order to comply
				with the IRC and this chapter and to make the reservation and allocation of the
				credits in accordance with this chapter. The executive director may reject any
				application from consideration for a reservation or allocation of credits if in
				such application the applicant does not provide the proper documentation or
				information on the forms prescribed by the executive director. In addition to
				the market study contained in the application, the authority may conduct its
				own analysis of the demand for the housing units to be produced by each
				applicant's proposed development.
All sites in an application for a scattered site development
				  may only serve one primary market area. If the executive director determines
				  that the sites subject to a scattered site development are served by different
				  primary market areas, separate applications for credits must be filed for each
				  primary market area in which scattered sites are located within the deadlines
				  established by the executive director.
2. Should include a breakdown of sources and
				uses of funds sufficiently detailed to enable the authority to ascertain what
				costs will be incurred and what will comprise the total financing package,
				including the various subsidies and the anticipated syndication or placement
				proceeds that will be raised.
3.
				Shall include the following cost information, if applicable, to determine the
				feasible credit amount:
a. Site acquisition
				costs,
b. Site preparation
				costs,
c. Construction
				costs,
d. Construction
				contingency,
e. General
				contractor's overhead and profit,
f. Architect and engineer's fees,
g. Permit and survey fees,
h. Insurance premiums,
i. Real estate taxes during
				construction,
j. Title and
				recording fees,
k. Construction
				period interest,
l. Financing
				fees,
m. Organizational
				costs,
n. Rent-up and marketing
				costs,
o. Accounting and auditing
				costs,
p. Working capital and
				operating deficit reserves,
q.
				Syndication and legal fees,
r.
				Development fees, and
s. Other
				costs and fees.
4. All
				applications seeking credits for rehabilitation of existing units must provide
				for contractor construction costs of at least $10,000 per unit for developments
				financed with tax-exempt bonds and $15,000 per unit for all other
				developments.