Rule 16-3-5.2 - Eligible ProjectsA. To be eligible, the qualified rehabilitation expenditures must exceed: 1. $5,000 in the case of an owner-occupied dwelling, or2. 50% of the total basis in the property in the case of all properties other than owner-occupied dwellings. (Generally, basis is the purchase price, less the cost of the land, plus any improvements already made to the property, minus the depreciation taken on the property.)B. All work must meet the Secretary of the Interiors Standards for Rehabilitation.C. Only rehabilitation expenditures incurred after January 1, 2006, qualify.D. Not-for-profit entities are ineligible to receive the credits.Miss. Code §§ 25-59-1, 39-7-1 (1972, as amended).