Sign Up For Novogradac Industry Alert Emails

Virginia Bill Would Expand State LIHTC to Qualified Special Population Developments

Monday, January 17, 2022 - 10:45AM

Legislation introduced in the Virginia House of Representatives would expand the state low-income housing tax credit (LIHTC) to qualified special population developments, with a maximum of $2.5 million annually granted to such properties. H.B. 824 would make eligible low-income buildings that grant housing for individuals who have been issued an intellectual disability or developmental disability waiver, require behavioral health treatment or services, or require treatment or services for substance abuse and abuse recovery. The Virginia Housing Opportunity Credit has an annual cap of $15 million, with a dollar-for-dollar match for the federal LIHTC allocated to a property.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an introduction to the LIHTC incentive, including the interaction of state and federal credits.

Learn more about Novogradac's expertise and many services