March 14 Virginia LIHTC Deadline
Virginia is expanding the list of eligible green building programs in the 2019 Qualified Allocation Plan (QAP) of Low-Income Housing Tax Credits (LIHTC). On top of being required to meet Energy Star 3.0 standards, new construction projects will have the option to gain valuable points for NGBS Silver (or above), LEED, EarthCraft Gold, or Enterprise Communities certification.
So why bother with going green? Energy consumption can play an important part in budgets for cost-burdened tenants. One study found that multifamily affordable and workforce housing could cut electricity usage by up to 26 percent by improving energy efficiency in buildings.
If you are a developer planning a LIHTC application in Virginia, we'd love to talk about your green building options to find the right fit for you. Mar 14th is coming up soon, we're here for you!