99-346-35 Me. Code R. § 5

Current through 2024-51, December 18, 2024

Section 346-35-5 - Allocation of Credit

a. MaineHousing will issue an Allocation of Credit Certification for a Qualified Maine Project after:

i. MaineHousing issues a Form 8609 for the Federal Low Income Housing Tax Credit; and

ii. A restrictive covenant meeting the requirements of the State Low Income Housing Tax Credit Law and this rule is executed by the Owner and MaineHousing and recorded in the appropriate registry of deeds.

b. MaineHousing will issue an Allocation of Credit Certification for a Qualified Rural Development Preservation Project after:

i. receipt of a notice of final inspection from the Rural Development State Director;

ii. Calculation by MaineHousing of the amount of State Low Income Housing Tax Credit to be awarded to the Qualified Rural Development Preservation Project; and

iii. A restrictive covenant meeting the requirements of the State Low Income Housing Tax Credit Law and this rule is executed by the Owner and MaineHousing and recorded in the appropriate registry of deeds.

99-346 C.M.R. ch. 35, § 5