Both chambers of the Virginia General Assembly endorsed a scaled-back version of the so-called Virginia Opportunity Tax Credit Program as the special session drew to a close.
Mark Robinson with the Richmond Times-Dispatch reports on a new tax credit program that could lead to the construction of hundreds of affordable apartments in the next several years.
If Gov. Ralph Northam signs the bill into law, Virginia Housing — formerly known as the Virginia Housing Development Authority — will oversee the initiative and up to $15 million annually will be earmarked for it.
Del. Jeff Bourne, D-Richmond, who helped broker a compromise to pass the legislation, said the new tax credit will “play a small part in fixing a huge problem here in Virginia.”
With Northam’s signature, Virginia will join 18 other states around the country that have established a tax credit program mirroring the federal Low-Income Housing Tax Credit program. A state work group urged lawmakers to adopt the approach in a report issued last fall.
“It is a game-changer,” said Brian Koziol, executive director of the Virginia Housing Alliance. “It is going to lead to a lot more units per year, and over time we’ll see the impact of those.”
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