99-346-35 Me. Code R. § 1

Current through 2024-51, December 18, 2024

Section 346-35-1 - Definitions

The following terms shall have the following meanings:

a. "Affordable Housing Project" means a qualified low-income housing project, as defined by Section 42(g) of the Code.

b. "Allocation of Credit Certification" means a certification that a project is allowed the State Low Income Housing Tax Credit and includes information required by the State of Maine Department of Administrative and Financial Services, Bureau of Revenue Services.

c. "Area Median Gross Income" has the same meaning as in Section 42 of the Code, as adjusted for family size.

d. "Code" means the United State Internal Revenue Code of 1986, as amended.

e. "Compliance Period" means

i. For a Qualified Maine Project, the period beginning on the date the first building of the project is placed in service and ending on the date that is 15 years after the last building in the project is placed in service; and

ii. For a Qualified Rural Development Preservation Project, the period beginning on the date the rehabilitation of the first building of the project receives a certificate of occupancy, if required, or the date of Rural Development's notice of final inspection of the building and ending on the date that is 15 years from the date the last building of the project receives a certificate of occupancy, if required, or the date of Rural Development's notice of final inspection of the building.

f. "Credit-qualified Affordable Housing Project" means a Qualified Maine Project or a Qualified Rural Development Preservation Project, as applicable to the project.

g. "Credit Units" means all of the Federal Low-Income Housing Tax Credit units in a Qualified Maine Project or all of the units in a Qualified Rural Development Preservation Project that are assisted or financed by Rural Development.

h. "Difficult Development Area" has the same meaning as in Section 42(d) of the Code.

i. "Director" means the director of MaineHousing.

j. "Federal Low-Income Housing Tax Credit" means the federal tax credit as provided in Section 42 of the Code.

k. "MaineHousing" means the Maine State Housing Authority.

l. "Owner" is the person or entity that holds legal title to the Credit-qualified Affordable Housing Project.

m. "Qualified Allocation Plan" means the applicable Federal Low-Income Housing Tax Credit rule adopted by MaineHousing.

n. "Qualified Census Tract" has the same meaning as in Section 42(d) of the Code.

o. "Qualified Maine Project" means an Affordable Housing Project that is:

i. Either the construction of one or more new buildings or the adaptive reuse of one or more previously constructed buildings that have not been previously used for residential purposes;

ii. Subject to a restrictive covenant requiring an income mix in which at least 60% of the units in the project to which credits are allocated are restricted to households with income at or below 50% of Area Median Gross Income; and

iii. Eligible for the 30% present value credit as described in Section 42 of the Code as a result of tax-exempt financing described in Section 42(h)(4)(B) of the Code.

p. "Qualified Rural Development Preservation Project" means an Affordable Housing Project in which at least 75% of the residential units are assisted or financed under a Rural Development program.

q. "Rural Areas" are all parts of the State of Maine that are deemed rural for purposes of Rural Development multi-family housing (https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=mfhc).

r. "Rural Development" means the United States Department of Agriculture, Office of Rural Development, Rural Housing Service.

s. "Rural Development Headquarters" means the national office of Rural Development.

t. "Rural Development Section 515 Properties" means rental housing projects financed under Section 515 of the Housing Act of 1 949 ( 42 U.S.C. 1498).

u. "Rural Development State Director" means the state director of the Rural Development state office for the State of Maine.

v. "Senior Housing" means multifamily affordable rental housing units serving seniors that receive funding and project-based rental assistance under a Rural Development program or a United States Department of Housing and Urban Development multifamily elderly housing program or that meet the definition of "housing for older persons" under the federal Fair Housing Act, 42 United States Code, Section 3607(b)(2) and the Maine Human Rights Act.

w. "State Credit" means the tax credits awarded pursuant to the State Low Income Housing Tax Credit Law and this rule.

x. "State Low Income Housing Tax Credit Law" means 36 M.R.S. §5219-WW and 30-A M.R.S. §4722, sub-§ 1, ¶GG, as may be amended from time to time.

y. "Supportive Housing" means housing to assist persons with special needs in achieving housing stability, including persons who have experienced chronic homelessness or who are displaced, have a disability, are a victim of domestic violence or who have other special housing needs.

z. "UPCS" means Uniform Physical Condition Standards, the physical inspection standards established by the United States Department of Housing and Urban Development for decent, safe and sanitary housing pursuant to 24 C.F.R. § 5.703, as may be amended from time to time.

99-346 C.M.R. ch. 35, § 1