Virginia Legislation Would Create State Credit Equal to Federal LIHTC

Tuesday, January 12, 2021 - 10:00am

Legislation pre-filed in Virginia and scheduled to be introduced Wednesday would create a state low-income housing tax credit (LIHTC) equal to the amount of the federal LIHTC that a development receives. H.B. 2050 would create the Virginia Housing Opportunity Tax Credit, effective Jan. 1, 2021. The credit would not be refundable but could be carried forward up to five years.

How state and federal LIHTCs can be used with the U.S. Department of Housing and Urban Development’s (HUD’s) Rental Assistance Demonstration (RAD) program will be among the discussion topics at the Novogradac 2021 RAD Public Housing Virtual Conference, Thursday and Friday.