Someone called me the other day and said they heard I had retired, with interest rates rising and costs going up and supply shortages some days are crazy at my office and other days I do think retirement would be a great idea. You guys know I have a 14-year-old and a 10-year-old? I will not be able to stop working for many years to come.
Another reason I can’t retire is last month after the 9% apps where submitted I updated my AstoriaLLC.com website. After 15 years it was looking dated. I think many of you will find the website useful as I have added some information that Virginia Housing is no longer providing for the tax credit apps. Go to the LIHTC Resources section of the site and you will find a QCT Locator, a Congressional and Planning district locator, and the Poverty Rate Census Tracts you can use for points on the app. Please note that a different Poverty Rate table must be used for the 2023 tax credit year, it will affect your points received in this category. Please use my website as you wish I am happy to help fill the gaps.
Call me in July to get the outlook for 2023 as we need to wait until after the June VH Board meeting to know how many credits we have for 2023.
The State tax credit is moving forward, and someone called me today telling me it was a $60,000,000 annual credit over 10 years and could sell for around $0.65 per credit. The bill is still waiting final committee and budget approval and would need to be signed by the Governor but would take affect in 2023. I would expect Virginia Housing to administer it to the 9% deals as it has done the past year. The credit would not be a source on your application but would replace 9% LIHTC allocations and help VH spread the 9% credits.
Let’s talk Tax-Exempt bonds, as you know I am a VH approved mortgage broker and VH has plenty of Tax-Exempt bonds for now, give me a call and we can talk about any VH multi-family loan product. Finally, Local Issue Tax-Exempt bonds, the state has issued $19,804,231 as of today with another $73,010,769 pending leaving only $40,276,020 of which it all will be requested in July. That leaves the Governor’s Pool of $171,117,025, normally the Governor will issue them but this year our new Governor may choose to take a different route and you better get in line.