HB824:

Low-income housing; tax credit for specialty populations, expands availability.

Bill Summary:

Housing opportunity tax credit; specialty populations.
Expands availability beginning in taxable year 2022 of the nonrefundable
Virginia Housing Opportunity Tax Credit, which is equal to the amount
of the federal low-income housing tax credit allocated or allowed
by the Virginia Housing Development Authority, to qualified specialty
population projects, defined in the bill as low-income buildings
that are eligible for the federal credit that creates housing for
individuals who (i) have been issued an intellectual disability or
developmental disability waiver, (ii) require behavioral health treatment
or services, or (iii) require treatment or services for substance
use and abuse recovery. No more than $2.5 million in credits shall
be granted per calendar year for such qualified specialty population
projects.