Did your parents want to leave their home when they retired? Do you wish to leave yours?
If you do, you are overwhelmingly in the minority: fully 95% of people polled state they wish to age in place. But what if the layout of the home just doesn’t work?
Tax Incentives for Improving Accessibility in the Home
For individuals with accessibility issues in the home, Virginia’s Livable Home Tax Credit (“LHTC”) program provides financial incentives for improving accessibility in residential housing. The credit applies to the purchase of a home or to the retrofit of a current home.
Tax credits up to $5,000 are available for the purchase or construction of an accessible residence, or up to 50 percent of the cost of retrofitting an existing home, not to exceed $5,000. If the tax credit exceeds the eligible individual’s tax liability, the credit may be carried forward for up to seven years.
It is important to note: applications must be filed with the Virginia Department of Housing and Community Development (DHCD) by February 28, 2013 for a purchase or retrofit completed in 2012.
For more information visit the DHCD website at www.dhcd.virginia.gov/LHTC
Laurie Denker MacNaughton [NMLS# 506562] · Reverse Mortgage Consultant · Middleburg Mortgage, a Division of Middleburg Bank · 20937 Ashburn Road, Suite 115 ·Ashburn, Virginia 20147 · 703-477-1183 Direct · LMacNaughton@MiddleburgBank.com · www.middleburgmortgage.com/lauriem
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