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Update on Cost Containment for 2013 LIHTC Allocations

To continue our efforts to contain the high development costs of Low-Income Housing Tax Credit (LIHTC) properties, VHDA will implement a modified cost containment structure for the 2013 allocations.

Applications received in the inner Northern Virginia area (Fairfax and Arlington Counties and Alexandria, Fairfax and Falls Church Cities) will be separated into new construction/ adaptive reuse or acquisition/rehabilitation categories. The new construction limit is $315,000 plus an adjustment of up to $35,000 for underground or structured parking. The acquisition/rehabilitation limit is $275,000. These limits are based largely on the results of a statewide cost study performed by Novogradac and Company.

The balance of the state will use the HUD 221(d)3 loan limits adjusted with a 15% increase. All cost limits are applied on a per-unit basis and encompass total development costs.

Throughout 2013, VHDA will resume assessing the results of the Novogradac cost study, as well as continue discussions with program stakeholders in an effort to formulate a fair and effective policy going forward.

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