A flat 25% historic credit limited by an annual claim rather than a project cap — and a state LIHTC match that makes adaptive reuse work.
Each Virginia credit has its own guide below — what it is worth, who qualifies, and how we turn it into project equity.
25% · $7.5M annual claim limit
A flat 25% of eligible rehabilitation expenses with a ten-year carryforward. The limit is a per-taxpayer annual claim cap rather than a per-project cap, so large projects are time-shifted, not capped out.
Read the GuideState match to federal LIHTC
Virginia's state LIHTC, administered by Virginia Housing alongside the federal 9% and 4% programs. Capacity depends on the annual appropriation.
Read the GuideVirginia structures its historic credit unlike either Carolina. The rate is a flat 25% with no graduated tranches, and the $7.5 million limit applies per taxpayer per year rather than per project. A large rehabilitation therefore spreads its claim across taxpayers and tax years rather than hitting a permanent ceiling — which rewards planning the claim structure early.
Combined with the 20% federal credit, a qualifying Virginia rehabilitation recovers 45% of eligible expenses in credits. On an adaptive reuse to affordable housing, federal LIHTC and the state HOTC layer on top.
25% of eligible rehabilitation expenses for a certified historic structure, subject to a $7.5 million per-taxpayer annual claim limit for 2025 and forward, with a 10-year carryforward.
No. The limit is an annual claim cap per taxpayer rather than a per-project cap, so a large project is generally time-shifted across years and taxpayers rather than permanently capped.
Yes — the Virginia Housing Opportunity Tax Credit, administered by Virginia Housing as a state match to the federal low-income housing tax credit. Availability depends on the annual appropriation.
Yes. The state historic credit stacks with the 20% federal historic credit for a combined 45% of eligible expenses, and on an adaptive reuse to affordable housing federal LIHTC and the state HOTC can layer on top.
Virginia's annual claim structure rewards planning. Send us the project and we'll map the claim years.
