§ 36-55.63. Low-income housing credit
The Board of Housing and Community Development shall, consistent with the provisions, terms, and conditions set forth under § 58.1-435, issue regulations establishing the amount of the credit allowable for the low-income housing credit provided under such section, the taxable year or years in which such credit may be taken by the taxpayer, and the terms and conditions for qualifying for such credit.
The Department of Housing and Community Development shall administer the approval of low-income housing credits. As provided under § 58.1-435, the total maximum amount of low-income housing credits which may be approved by the Board in any calendar year shall be $500,000.
(1989, c. 280; 1990, c. 830; 1992, cc. 325, 347, 754; 1994, c. 611; 1996, cc. 580, 826; 2001, cc. 293, 299; 2007, c. 778.)
Sections: 36-55.63Last modified: April 16, 2009