Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 160 - RULES AND REGULATIONS FOR ADMINISTRATION OF RENT REDUCTION TAX CREDITS › Section 13VAC10-160-70 - Administration of allocation of tax credits

Current through Register Vol. 40, No. 24, July 15, 2024
Except for increases in allocation as provided in
				  13VAC10-160-120, tax credits shall
				  not be allocated by the authority after January 1, 2000. Allocations of tax
				  credits made by the authority prior to June 30, 1996, for units occupied by
				  elderly and disabled tenants or prior to January 1, 2000, for units occupied by
				  previously homeless tenants shall remain in effect, subject to the provisions
				  of these rules and regulations.
The amount of tax credits claimed by an owner in any taxable
				  year for tax credit units shall not exceed the amount of tax credits allocated
				  to such owner for such tax credit units. The executive director may require
				  that owners to whom tax credits have been allocated shall submit from time to
				  time or at such specified times as he shall require, written confirmation and
				  documentation as to the status of each tax credit unit and its compliance with
				  the application and these rules and regulations. If on the basis of such
				  written confirmation and documentation and other available information the
				  executive director determines that any tax credit unit does not or will not
				  qualify or will not continue to qualify for such tax credits, then the
				  executive director may terminate or reduce the allocation of such tax credits.
				  Without limiting the foregoing, the owner of any tax credit units shall lease
				  the tax credit units to eligible tenants at reduced rents such that the
				  aggregate of such rent reductions shall be no less than the aggregate of the
				  rent reductions set forth in the application for tax credits for such units. In
				  the event that the owner shall fail to so lease such tax credit units, the
				  authority may, upon its determination that the owner is unable or unwilling to
				  utilize fully its allocation of tax credits for such tax credit units,
				  terminate or reduce such allocation, as it shall deem appropriate.
Commencing with fiscal year 2000-2001, the executive
				  director may terminate or reduce any allocations of tax credits as he shall
				  determine to be necessary or appropriate to satisfy the requirement in the
				  state code that the total amount of tax credits approved by the authority in
				  any fiscal year after June 30, 2000, not exceed $50,000 and to maximize the
				  utilization and geographic distribution of the tax credits.
The authority shall have the right to inspect the tax credit
				  units and related property and improvements from time to time, and the tax
				  credit units and related property and improvements shall be in a state of
				  repair and condition satisfactory to the authority. The authority may require
				  the owner to make necessary repairs or improvements, in a manner acceptable to
				  the authority, as a condition for receiving an allocation of tax credits or for
				  qualifying for certification to the Department of Taxation as described
				  hereinbelow.
The executive director may establish such deadlines for the
				  owner of units to qualify for the tax credits and to comply with the
				  application and these rules and regulations as he shall deem necessary or
				  desirable to allow the authority sufficient time, in the event of a reduction
				  or termination of such owner's allocation, to allocate such tax credits to
				  other eligible owners pursuant to
				  13VAC10-160-120.
Any material changes to the condition, use or occupancy of
				  the tax credit unit or in any other representations, facts or information, as
				  contained or proposed in the application, occurring subsequent to the
				  submission of the application for the tax credits therefor shall be subject to
				  the prior written approval of the executive director. As a condition to any
				  such approval, the executive director may, as necessary to comply with these
				  rules and regulations and the state code, reduce the amount of tax credits
				  allocated or impose additional terms and conditions with respect thereto. If
				  such changes are made without the prior written approval of the executive
				  director, he may terminate or reduce the allocation of such tax credits or
				  impose additional terms and conditions with respect thereto.
In the event that any allocation of tax credits is
				  terminated or reduced by the executive director under this section, he may
				  allocate such tax credits (in the amount of such termination or reduction) to
				  eligible owners (other than the owners whose tax credit allocation was so
				  terminated or reduced) in the manner described in
				  13VAC10-160-120 or in such other
				  manner as he shall determine consistent with the requirements of the state
				  code.
If an owner shall transfer any of the tax credit units to a
				  transferee which is eligible for such tax credits under the state code and
				  these rules and regulations, such transferee shall thereupon be entitled to the
				  allocation of tax credits for such tax credit units and shall, for the purposes
				  of these rules and regulations, be thereafter deemed the owner for such tax
				  credits.
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.