Section 10. General requirements and application

A. To qualify for the Virginia low-income housing tax credit, the applicant must qualify for and claim the federal low-income housing tax credit in accordance with 13VAC10-180, Rules and Regulations for Allocation of Low-Income Housing Tax Credits. The Virginia Housing Development Authority allocates the federal low-income housing tax credit in Virginia.

B. The Department of Housing and Community Development (the department) is designated to approve, allocate, and certify the use of the Virginia low-income housing tax credit. An application for certification to use the state tax credit must be filed with the department, on a form prescribed by the department. The application shall provide taxpayer identification, information regarding the housing unit or units for which a tax credit is sought, and information confirming the allocation of the federal low-income housing tax credit during the taxable year. The department may require any additional information and documentation. After reviewing applications, the department shall notify each applicant of the total Virginia low-income housing tax credit allocated for use by the applicant. The department shall certify the total Virginia low-income housing tax credit allocated for use by each approved applicant to the Department of Taxation or the State Corporation Commission.

Historical Notes

Derived from Volume 16, Issue 04, eff. October 20, 1999; amended, Virginia Register Volume 18, Issue 07, eff. January 1, 2002.

Statutory Authority

§ 36-55.63 of the Code of Virginia.