Legislation enacted last week in Virginia will increase the annual allocation of state-level low-income housing tax credits (LIHTCs) from $15 million to $60 million and require that $20 million annually be allocated to properties in towns with populations of 35,000 or fewer. S.B. 47 also provides that the Virginia housing opportunity tax credits be taking ratably over 10 years. The Virginia state LIHTC was enacted in April 2021 with a $15 million annual cap and is effective for tax years before Jan. 1, 2026.

The 2022 edition of the Low-Income Housing Tax Credit Handbook is an essential resource for affordable housing owners, developers, managers and investors.