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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.
Permanent, federally funded housing came into being in the United States as a part of Franklin Roosevelt's New Deal. Title II, Section 202 of the National Industrial Recovery Act, passed June 16, 1933, directed the Public Works Administration (PWA) to develop a program for the "construction, reconstruction, alteration, or repair under public regulation or control of low-cost housing and slum ...
The main Section 8 program involves the voucher program. A voucher may be either "project-based"—where its use is limited to a specific apartment complex (public housing agencies (PHAs) may reserve up to 20% of its vouchers as such [11])—or "tenant-based", where the tenant is free to choose a unit in the private sector, is not limited to specific complexes, and may reside anywhere in the ...
The City of Richmond grew by annexations, contested and not, of portions of both Henrico and Chesterfield counties throughout its history. In 1940, the City of Richmond annexed 10 square miles (26 km 2) of Henrico County. In the two decades that followed, the little bedroom community known as Henrico County began to shape its own identity.
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.
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