Tax credit available for purchase or retrofitting of accessible housing
Richmond, VA – February 17, 2010 – (RealEstateRama) — If you have made improvements to your home designed for increased accessibility, livability and visitability, you may qualify for Virginia’s Livable Homes Tax Credit (LHTC).
“With more individuals in need of accessible housing, the Livable Homes Tax Credit provides helps to help offset the costs of retrofitting homes so that individuals may age-in-place,” said Bill Shelton, director of the Virginia Department of Housing and Community Development (DHCD). “These credits are also available for individuals or families purchasing new accessible housing.”
For improvements made in tax year 2009, the LHTC provides up to $500 for the purchase of a new residence with accessibility features, and up to 25 percent in tax credits for the cost of retrofitting existing units, not to exceed $500. The deadline to apply is Feb. 28, 2010 for work completed during the 2009 tax year.
It is estimated that by the year 2025, more than 25 percent of Virginians will be over the age of 60, and the number of Virginians aged 85 or older will increase five times faster than the state’s total population growth. According to the U.S. Census, more than 950,000 Virginians have one or more disabilities.
Eligibility is not dependent on income. Anyone filing Virginia individual income tax refunds who has incurred costs for the purchase of new residential units with accessibility or universal visitability features is eligible for the program under the following guidelines:
- Eligible purchase or retrofitting expenses cannot be claimed by more than one taxpayer;
- New residential units must include three features of the universal visitability standards, or include at least three accessibility features;
- Existing units being retrofitted must include at least one accessibility feature;
- All accessibility and universal visitability features must be completed in conformity with the provisions of Virginia’s Uniform Statewide Building Code;
- Documentation must be submitted with the application. In the case of the purchase of a new residential unit, a copy of the executed sales contract must be attached; and
- For retrofitting, a scope of work, work specifications, construction contracts, invoices and/or cancelled checks documenting the type of work, cost and payment must be provided.
Accessible housing standards vary depending on whether the unit is new or if an existing unit is being retro-fitted to provide accessibility. More information is available at: www.dhcd.virginia.gov/lhtc.
For improvements made in tax year 2009, the LHTC provides up to $500 for the purchase of a new residence, and up to 25 percent in tax credits for the cost of retrofitting existing units, not to exceed $500. The deadline to apply is Feb. 28, 2010 for work completed during the 2009 tax year.
DHCD began administering the LHTC in 2008. For complete details concerning eligibility, requirements and process please see the guidelines and application. For questions please contact Kathy Robertson at kathy.robertson (at) dhcd.virginia (dot) gov or by phone at (804) 225-3129.
DHCD is committed to creating safe, affordable, and prosperous communities to live, work and do business in Virginia. DHCD partners with Virginia’s communities to develop their economic potential, regulates Virginia’s building and fire codes, provides training and certification for building officials and support for Virginia’s homeless, and invests more than $100 million each year into housing and community development projects throughout the state. By partnering with local governments, nonprofit groups, state and federal agencies, and others, DHCD is working to improve the quality of life for Virginians.
