Governor Youngkin Announces $60M in New State Tax Credits to Help Rental Affordability

RICHMOND, VA — The Commonwealth of Virginia has awarded a total of $60 million in Housing Opportunity Tax Credits (HOTC) to investors developing affordable rental housing throughout Virginia. HOTC allow for affordability and efficiency in the development and building process of rental housing, resulting in more affordable home options for Virginians.

“A priority in the forefront of this Administration is to make housing more affordable for all Virginians. Our partnership with Virginia Housing has enabled us to effectively disperse state tax credits to ensure rental properties are being built that are more affordable for renters,” said Governor Glenn Youngkin.

The HOTC program originated in 2021 through legislation passed by the Virginia General Assembly; significant revisions were made to the program in 2022 as a result of updated legislation. Virginia Housing, Virginia’s Housing Finance Agency, was chosen to award up to $60 million in HOTC.

Click here to read more.