Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 325 - MAINE NEW MARKETS CAPITAL INVESTMENT PROGRAM (Amendment 3)
Section 457-325-4 - AWARD OF ALLOCATION OF TAX CREDIT AUTHORITY; TERM OF AWARD

1. A complete Allocation Application that affirmatively answers at least four of the questions described in Section 3, Subsection 6 of this Rule shall be approved by the Authority and awarded an allocation of tax credit authority pursuant to 10 M.R.S.A. §1100-Z in the amount sought in the Allocation Application, but in no event shall the aggregate allocation to any CDE and its affiliates exceed $62,500,000 of investments, and provided, further, that there remains sufficient allocation authority to fully award the amount sought (up to the per CDE and affiliates limit of $62,500,000 of investments) of each Allocation Application approved by the Authority and received on the same date. If there is not sufficient remaining allocation authority to fully award allocations to Applicants submitting approved Allocation Applications received on the same date, the awards among such Applicants shall be pro-rated as provided in Section 2, Subsection 4 of this Rule. The Authority shall provide written notification of an award of allocation authority to the Applicant. In no event shall the Authority authorize more than $250,000,000 in aggregate investments eligible for tax credit authority, or more aggregate tax credit authority than such amount that, if all allocated authority resulted in certified qualified equity investments eligible for program tax credits simultaneously, no more than $20,000,000 of credits could be taken or refunded in any one fiscal year.

2. An allocation of authority under this Section shall be valid for up to two years. A CDE obtaining allocation may sub-allocate all or a portion of its allocation to one or more subsidiary CDE's, provided the parent CDE files notice of such sub-allocation to the Authority, together with a certification that the subsidiary CDE is a subsidiary and meets all the requirements of a CDE under this Rule, and all of the information required by Section 3(1) of this Rule for such subsidiary. In the event that a CDE obtaining an allocation, or one or more of its subsidiary CDE's to which it has sub-allocated, does not receive qualified equity investments equaling or exceeding the allocation amount within two years of the date of the allocation, and provide proof of each of the same to the Authority within ten days of the investment, that portion of the allocation that exceeds the aggregate amount of qualified equity investments certified by the Authority for such CDE shall lapse and no longer be allocated or available to the CDE, and may be re-allocated by the Authority in accordance with 10 M.R.S.A. §1100-Z and this Rule.