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Virginia Bill Would Increase Annual State LIHTC Cap to $100 Million

Wednesday, January 17, 2024 - 9:47AM

A bill in the Virginia House of Representatives would increase the state’s low-income housing tax credit (LIHTC) annual cap from $60 million to $100 million for calendar years 2023 through 2025. H.B. 1096 would provide the three-year increase for the state credit, which was enacted in 2021 and sunsets at the end of 2025. The legislation wouldn’t change the requirement that $20 million of credits be allocated to developments in localities of 35,000 or fewer residents.

Learn more about the LIHTC incentive and how federal and state credits interact with the Novogradac Introduction to Low-Income Housing Tax Credits booklet.

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