April 6, 2007
Non-Competitive Tax Credit Pool for Northern Virginia May be Ended by VHDA
As the Virginia Housing and Development Authority (VHDA) prepares its 2008 QAP for low income housing tax credits, the state agency is considering dropping the Northern Virginia non-competitive tax credit pool and instead opening it statewide.  VHDA indicated that it created the non-competitive pool for Northern Virginia to deal with the threat of condominium conversions experienced in this region over the past few years.  It no longer sees the need for Northern Virginia exclusivity given the change in the condo market.  However, at least in Fairfax County, it was viewed that the pool was created to address the extremely high cost and highly competitive market in Northern Virginia.  VHDA will conduct information sessions on its proposed QAP on April 25 in Richmond.