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Virginia Housing is a quasi-government agency. The governor appoints an 11-member Board of Commissioners. [2] However, the authority is self-supporting and does not use tax dollars to fund its lending programs.
Housing development in Virginia is substantially lagging job growth, and the state is about 550,000 housing units short of meeting current demand, according to the order.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
For instance, Ohio allows qualifying homeowners to exempt up to $25,000 of the market value of their homes from all local property taxes. So if you were eligible for the state’s property tax ...
Tim Brigman argues raising the Real Estate Excise Tax to fund affordable housing would be counterproductive, leaving many renters worse off. | Opinion