Ala. Admin. Code r. 460-X-25-.09

Current through Register Vol. 43, No. 1, October 31, 2024

Section 460-X-25-.09 - [Effective 12/15/2024] Committee Review Process

(1) The Tax Credit Evaluating Committee shall only review qualifying historic rehabilitation tax credit projects recommended by the Commission. When the Commission determines that Applications are Qualifying Projects, the Commission shall recommend a list of Qualifying Projects to the Committee. The Committee will approve credits for Projects and rank them in the order in which the Projects should receive tax credit reservations for each applicable Application Period. The Committee may establish a minimum threshold that a project must exceed before the project will receive a tax credit reservation. For the purpose of this Program, reservations will be 25% of the Qualified Rehabilitation Expenditures as listed on the Applicant's Part B Application. The Commission shall establish the criteria for the evaluating Committee based on:

(a) the relative value of the proposed project to the community and the maintenance of the historic fabric of the community;

(b) possible return on investment for the community;

(c) geographic distribution of projects;

(d) the likelihood of the project proceeding without the state historic tax credit;

(e) strength of local support for the proposed project;

(f) any additional tax credits or state, federal, or local government grants the applicant expects to utilize for the construction of the project.

(g) the number of new net jobs the project will create in the state;

(h) the likelihood of the project proceeding without the historic tax credit;

(i) the amount of overall project financing for which the applicant has firm, secured commitments prior to submitting an application.

(2) The Commission shall provide the Committee with a list of all Qualifying Projects and Projects that were determined to be incomplete applications. Prior to each Committee meeting, the Commission will provide the Committee with a summary sheet for each Qualifying Project and ranking sheets, which the Committee shall use to score each Project. Prior to each Committee meeting, members of the Committee shall score the Qualifying Projects according to established criteria. During the Committee meeting, members may ask questions about the Projects for clarification and amend their ranking sheets as necessary; discuss the Project scores; and gain Committee consensus for the final ranking order for the applicable Application Period.

(3) If more than one Qualifying Project receives the same score on their ranking sheet, a random drawing will be held during the Committee meeting to determine the final ranking order for each Application Period. If the Committee approves a Project for tax credits, the Commission shall reserve, for the benefit of the owner, an allocation for a tax credit, as provided in 460-X-25-.14, and the Commission shall notify the owner in writing of the amount of the reservation.

Ala. Admin. Code r. 460-X-25-.09

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 11, August 31, 2017, eff. 9/24/2017.

Amended by Alabama Administrative Monthly Volume XL, Issue No. 03, December 30, 2021, eff. 2/13/2022.

Amended by Alabama Administrative Monthly Volume XLIII, Issue No. 01, October 31, 2024, eff. 12/15/2024.

Author: Chloe Mercer; Lee Anne Hewett; Clara Nobles

Statutory Authority: Act 2017-380; Act 2021-431; Act 2023-522.