Section 346-16-3 - SET-ASIDES AND MAXIMUM CREDIT AMOUNTA. Nonprofit Set-Aside. MaineHousing will set aside at least ten percent (10%) of the annual State Ceiling for Projects in which a Qualified Nonprofit Organization owns an interest and materially participates in the development and operation throughout the Compliance Period in accordance with Section 42(h)(5)(B) of the Code. An Applicant will qualify if it is owned by either a Qualified Nonprofit Organization, or a business corporation which is 100% owned by one or more Qualified Nonprofit Organization(s), and (in accordance with Section 42(h)(5)(C) of the Code) it is the general partner or manager/managing member and controls the Project's development and day-to-day operation.B. Preservation Set-Aside. MaineHousing will set aside up to $750,000 of the annual State Ceiling for the preservation and rehabilitation of one existing multifamily rental housing project if the scope of rehabilitation meets the minimum requirements set forth in Section 5. C.2. and one of the following: 1. at least 25% of its units, or those in a Related Development, are assisted under a Rural Development program; or2. at least 25% of its units will be converted to Section 8 under HUD's Rental Assistance Demonstration (RAD) Program, Section 18 Demolition/Disposition Program or other HUD conversion programs. Demolition and reconstruction on an existing housing site will be treated as new construction and is not eligible for this set-aside.
C. Maximum Credit Amount. The maximum amount of Credit that will be allocated for each Project is the least of (i) $30,000 per Credit Unit, (ii) $1,200,000, and (iii) the amount MaineHousing determines is necessary to ensure the Project's financial feasibility and long- term viability.99-346 C.M.R. ch. 16, § 3