The Virginia Livable Home Tax Credit (LHTC) program is designed to improve accessibility and universal visitability in Virginia’s residential units by providing state tax credits for the purchase of new units or the retrofitting of existing housing units.
Tax credits are available for up to $5,000 for the purchase/construction of a new accessible residence and up to 50 percent for the cost of retrofitting existing units, not to exceed $5,000.
Any tax credit that exceeds the eligible individual’s/licensed contractors tax liability may be carried forward for up to seven years. If the total amount of tax credits issued under this program exceeds the $1 million allocation in a given fiscal year, the Virginia Department of Housing and Community Development will pro-rate the amount of credits among the eligible applicants.
For complete details concerning eligibility, requirements and process please see the guidelines and application. For questions please contact Violet Peyton at email@example.com or by phone at (804) 371-7124.