Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 10. Virginia Housing Development Authority
Chapter 160. Rules and Regulations for Administration of Rent Reduction Tax Credits

13VAC10-160-120. Authority to increase allocation of credits.

Notwithstanding anything to the contrary herein, the executive director may, in his discretion and without ratification or approval by the board, increase the amount of credits allocated to a tax credit unit for the purpose of allowing the owner to continue to comply with the requirement in the state code and these rules and regulations that the rent charged to the eligible tenant be at least 15% less than the market rent. Any request for such increase shall include such information, opinions, certifications and documentation as the executive director may require.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 12, Issue 23, eff. July 17, 1996.

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