Administrative Code

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Virginia Administrative Code
Title 13. Housing
Agency 5. Department of Housing And Community Development
Chapter 175. Rules and Regulations for the Virginia Low-Income Housing Tax Credit

13VAC5-175-20. Availability of Virginia low-income housing tax credit.

The Virginia low-income housing tax credit is available for qualified housing units placed in service on or after January 1, 1998, in accordance with § 36-55.63 of the Code of Virginia. The state tax credit for each project is based on a percentage of the federal tax credit allowed and claimed for the project. Any portion of the amount allocated may be used during the first year of the allocation, if feasible, or may be carried forward and used in subsequent years in accordance with § 58.1-435 of the Code of Virginia. The amount of a state low-income housing tax credit that may be used for any project during any tax year shall not exceed the amount certified as feasible by the Virginia Housing Development Authority.

Statutory Authority

§ 36-55.63 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 16, Issue 4, eff. October 20, 1999; amended, Virginia Register Volume 18, Issue 7, eff. January 1, 2002.

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