Section 310-RICR-10-10-1.5 - DefinitionsA. "Act" means the Low-Income Housing Tax Credit Act created under R.I. Gen. Laws § 44-71-1, et seq.B. "Applicant" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(1).C. "Application" means the application, published by the Department, which must be finalized and submitted by an applicant pursuant to the requirements of the Act and these Rules.D. "Completed" means Placed in Service.E. "Compliance Period" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(2).F. "Department" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(3).G. "Developer" means a person, firm, business, partnership, association, political subdivision, or other entity that proposes to build or builds a qualified Rhode Island project, regardless of tax exempt status.H. "Division of Taxation" means the division of taxation of the Rhode Island Department of Revenue.I. "Eligibility statement" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(5).J. "Federal low-income housing tax credit" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(6).K. "Financing Gap" means the part of the total project cost that remains to be financed after all other sources of capital have been accounted for, including, but not limited to, applicant's equity, a reasonable assumption of debt on the qualified Rhode Island project, federal Low Income Housing Tax Credits, and any other capital source that is reasonably available to the qualified Rhode Island project.L. "Low-income project" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(7).M. "Proposed project" means a proposed qualified Rhode Island project.N. "Project costs" mean costs incurred and paid in connection with the qualified Rhode Island project by the applicant and included in the cost certification submitted for Federal Low Income Housing Tax Credits. Such costs include, but not limited to, lands, buildings, improvements, real and personal property or any interest therein, including the site, space or air rights, acquired, owned, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, and any environmental remediation costs, plus reasonable soft costs as determined by the Department, and ancillary infrastructure projects and infrastructure improvements, as permitted in the sole discretion of the Department.O. "Placed in Service" means the date on which the qualified Rhode Island project is certified as being suitable for occupancy in accordance with state or local law. Being placed in service shall be evidenced by the qualified Rhode Island project's receipt of a permanent certificate of occupancy.P. "QAP" means the State of Rhode Island Qualified Allocation Plan prepared pursuant to 26 U.S.C. § 42(m)(1)(B) and in effect at the time of application.Q. "Qualified Rhode Island project" means a qualified low-income housing project, as defined in section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year, which is located in the state of Rhode Island, which meets the requirements of the Act and these Rules, and whose owner enters into a tax credit agreement with the Department.R. "Rhode Island low-income housing tax credit" or "tax credit" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(9).S. "State" means the State of Rhode Island.T. "Tax credit agreement" means an agreement between the owner of the qualified Rhode Island project and the Department and filed as an affordable housing restriction in the land records of the city or town where the real estate lies that requires the project to be operated in accordance with the requirements of the Act and these Rules for not less than thirty (30) years from the expiration date of the compliance period.U. "Taxpayer" shall have the meaning prescribed to it in R.I. Gen. Laws § 44-71-3(11).310 R.I. Code R. 310-RICR-10-10-1.5
Adopted effective 10/8/2024