Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 325 - MAINE NEW MARKETS CAPITAL INVESTMENT PROGRAM (Amendment 3)
Section 457-325-2 - APPLICATION PROCESS FOR ALLOCATION OF TAX CREDIT AUTHORITY

Universal Citation: 94 ME Code Rules ยง 457-325-2

Current through 2024-38, September 18, 2024

1. A CDE that seeks to obtain an allocation of tax credit authority from the Authority pursuant to 10 M.R.S.A. §1100-Z shall file an Allocation Application with the Authority and simultaneously pay the Allocation Application fee.

2. Within sixty days of receipt of an Allocation Application for tax credit authority, the Authority shall either approve the Allocation Application and, as part of that approval, indicate the amount of tax credit authority issued to the CDE, or determine that the Authority intends to deny the Allocation Application. If the Authority intends to deny the Allocation Application, it shall inform the CDE by written notice of the grounds for the intended denial. Upon receipt of the notice of intended denial by the CDE:

A. If the CDE provides additional information required by the Authority or otherwise completes its Allocation Application within fifteen days, the Allocation Application must be considered complete as of the original date of submission and the Authority has an additional thirty days to either approve or deny the Allocation Application; or

B. If the CDE fails to provide the information or complete its Allocation Application within the fifteen-day period, the Allocation Application shall be deemed denied and may be resubmitted in full with a new submission date.

3. Allocation Applications may be submitted on or after January 1, 2012, via hand-delivery, mail, express mail, courier or electronic means, provided, however, that the Applicant is responsible for ensuring receipt of the Application by the Authority. Any Allocation Application received prior to January 3, 2012 shall be deemed received on January 3, 2012.

4. Completed Allocation Applications will be processed in the order received. Allocation Applications received on the same date shall be treated as received simultaneously, and, to the extent there are not sufficient credits available to fully allocate requested tax credit authority for approved Allocation Applications that were received on the same date, allocations of available tax credit authority shall be pro-rated among such Applicants based upon the amount of authority requested in each such Allocation Application as a percentage of the total authority requested by all such Allocation Applications.

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