To embed, copy and paste the code into your website or blog:
On March 1, 2021, the Virginia General Assembly approved legislation creating the Virginia Opportunity Tax Credit Program (Program), a new state low-income housing tax credit (LIHTC) that contributes an amount to a qualified project that is equal to the amount received from the federal LIHTC program.
The Program will make $15 million in tax credits available each calendar year for a five-year period beginning on January 1, 2021, and ending on January 1, 2026. To qualify a project must be placed in service on or after January 1, 2021, and receive an eligibility certificate from Virginia Housing (formerly known as the Virginia Housing Development Authority). Any housing opportunity tax credit not used in a taxable year is nonrefundable, but may be carried forward for the succeeding five years.
Virginia lawmakers approve new affordable housing tax credit program roanoke.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from roanoke.com Daily Mail and Mail on Sunday newspapers.