- Report Published -
|Study of VHDA/Local Governments Coordination Regarding Multifamily Tax-Credit Allocation and Financing|
|Virginia Housing and Development Authority|
|HJR 746 (Regular Session, 1999)|
|House Joint Resolution No. 746 of the 1999 Virginia General Assembly directs the Virginia Housing Development Authority to consult with the Department of Housing and Community Development, the Virginia Housing Study Commission, the Virginia Municipal League, the Virginia Association of Counties, the Homebuilders Association of Virginia, the Virginia Association of Realtors, and the Virginia Apartment and Management Association to study ways in which it can work more closely with localities and the housing industry in approving loan financing and allocating federal low-income housing tax credit incentives for multifamily new construction projects.|
The primary issue is that local governments want the processes by which VHDA allocates tax credits and approves financing for multifamily properties to include more opportunities for consideration of the locality's community development plans and priorities. Specifically, localities want VHDA to consider a locality's consolidated or comprehensive plan as well as the amount and concentration of affordable housing already in a jurisdiction. The study group looked at four (4) aspects of this issue:
1. Local Government Input Regarding Specific Multifamily Properties
2. Local Government Input Regarding Allocation of Low-Income Housing
3. Local Government Participation in VHDA Program Policy Development
4. Statewide Affordable Housing Policy
In order to proceed with addressing these issues, the study group recommended that VHDA:
1) develop a policy statement to guide them in working with local governments and other stakeholders;
2) establish an ongoing VHDA/local government partner group to assess communications between VHDA and localities and develop ongoing forums for discussion of specific issues related to VHDA programs and policies; and
3) hold ongoing issue forums for all interested stakeholders as recommended by the partner group.
Action has taken place on all three recommendations. VHDA has completed the first recommendation by developing a partner policy statement. With respect to the second and third recommendations, the study group agreed on the structure and date of the first meeting for a VHDA/localities partner group and prioritized the issues for the ongoing issue forums.
The study group further identified the need for a statewide affordable housing policy in order to have a comprehensive framework from which to operate in making policy and programmatic decisions. This recommendation was outside of the scope of this resolution and was referred to the Department of Housing and Community Development for follow-up action.