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In Virginia, around 264 thousand renter households (24%) are extremely low-income. 76% of these have a severe cost burden in terms of their home. The average income for a four-person extremely low-income household is $35,110, and the annual household income need to afford a two-bedroom rental home is $62,925. [ 11 ]
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.
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 ...
Localities and nonprofits can apply for loans, loan subsidies, and grants of up to $3 million through the program to help them develop housing “for workers earning 80%-120% of area median income ...
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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