13VAC5-170 Procedures for Allocation of Low-Income Housing Tax Credits

REGULATIONS

Vol. 29 Iss. 9 - December 31, 2012

TITLE 13. HOUSING

BOARD OF HOUSING AND COMMUNITY DEVELOPMENT

Chapter 170

Final Regulation

Title of Regulation: 13VAC5-170. Procedures for Allocation of Low-Income Housing Tax Credits (repealing 13VAC5-170-10 through 13VAC5-170-120).

Statutory Authority: § 36-137 of the Code of Virginia.

Effective Date: January 1, 2013.

Agency Contact: Stephen W. Calhoun, Regulatory Coordinator, Department of Housing and Community Development, Main Street Centre, 600 East Main Street, Suite 300, Richmond, VA 23219, telephone (804) 371-7000, FAX [phone], TTY [phone], or email [e-mail].

Summary:

The Procedures for the Allocation of Low-Income Housing Tax Credits regulation was adopted in 1992 for the allocation of federal tax credits to encourage development of affordable rental housing by providing property owners with federal income tax credit. The federal law for this program has changed, and the program is now administered by the Virginia Housing Development Authority (VHDA). VHDA has adopted new state regulations for the allocation of federal low-income housing tax credits (Rules and Regulations for Allocation of Low Income Housing Tax Credits, 13VAC10-180). Therefore, this regulation (13VAC5-170) is repealed.

VA.R. Doc. No. R13-3512; Filed December 4, 2012, 11:19 a.m.