99-346-35 Me. Code R. § 3

Current through 2024-51, December 18, 2024

Section 346-35-3 - Priorities

a. In reserving and allocating the State Credit for Qualified Maine Projects, MaineHousing will prioritize:

i. use of the State Credit in Qualified Census Tracts and Difficult Development Areas;

ii. efficient use of MaineHousing resources including without limitation the Federal Low-Income Housing Tax Credit, the State Credit, and 0% deferred financing resources to maximize the number of new residential units created;

iii. project readiness including approvals and financing in place;

iv. over time, 30% of the cumulative State Credit for Qualified Maine Projects Credits allocated to Senior Housing and 20% of the cumulative State Credit for Qualified Maine Projects allocated to Rural Areas; and

v. projects with an occupancy preference for persons who qualify for Supportive Housing in the greater of 4 units or 20% of the total number of units.

b. In reserving and allocating State Credit for Qualified Rural Development Preservation Projects, MaineHousing will prioritize projects that:

i. are Rural Development Section 515 Properties being transferred to a new Owner in accordance with Rural Development requirements;

ii. incur a minimum of $100,000 in property improvements in accordance with the State Low Income Housing Tax Credit Law; and

iii. are not claiming the Federal Low Income Housing Tax Credit.

99-346 C.M.R. ch. 35, § 3