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 13VAC10-180-40 - Adoption of allocation plan; solicitations of applications

Current through Register Vol. 40, No. 24, July 15, 2024
The IRC requires that the authority adopt a qualified
				  allocation plan which shall set forth the selection criteria to be used to
				  determine housing priorities of the authority which are appropriate to local
				  conditions and which shall give certain priority to and preference among
				  developments in accordance with the IRC. The executive director from time to
				  time may cause housing needs studies to be performed in order to develop the
				  qualified allocation plan and, based upon any such housing needs study and any
				  other available information and data, may direct and supervise the preparation
				  of and approve the qualified allocation plan and any revisions and amendments
				  thereof in accordance with the IRC. The IRC requires that the qualified
				  allocation plan be subject to public approval in accordance with rules similar
				  to those in § 147(f)(2) of the IRC. The executive director may include all
				  or any portion of this chapter in the qualified allocation plan. However, the
				  authority may amend the qualified allocation plan without public approval if
				  required to do so by changes to the IRC.
The executive director may from time to time take such action
				  as he may deem necessary or proper in order to solicit applications for
				  credits. Such actions may include advertising in newspapers and other media,
				  mailing of information to prospective applicants and other members of the
				  public, and any other methods of public announcement which the executive
				  director may select as appropriate under the circumstances. The executive
				  director may impose requirements, limitations and conditions with respect to
				  the submission of applications and the selection thereof as he shall consider
				  necessary or appropriate.
No application for credits will be accepted for any building
				  that has previously claimed credits and is still subject to the compliance
				  period for such credits after the year such building is placed in service.
				  Notwithstanding the limitation set forth in the previous sentence, an applicant
				  may submit an application for credits for a building in which an extended
				  low-income housing commitment has been terminated by foreclosure, provided the
				  applicant has no relationship with the owner or owners of such building during
				  its initial compliance period. No application will be accepted, and no
				  reservation or allocation will be made, for credits available under §
				  42(h)(3)(C) in the case of any buildings or development for which tax-exempt
				  bonds of the authority, or an issuer other than the authority, have been issued
				  and which may receive credits without an allocation of credits under §
				  42(h)(3)(C).
Statutory Authority
§ 36-55.30:3 of the Code of Virginia.