Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 27 - TRANSFERS OF OWNERSHIP INTERESTS
Section 346-27-3 - Application for Ownership Transfer
Universal Citation: 99 ME Code Rules ยง 346-27-3
Current through 2024-38, September 18, 2024
A.
(1) MaineHousing's written consent to a
Transfer of an Ownership Interest is required prior to the Transfer.
(2) Owners requesting MaineHousing's consent
to a Transfer will be required to submit an Application. The form and content
of the Application will be determined by MaineHousing and may differ depending
on the type of Ownership Interest or Transfer involved or whether the Transfer
involves any Additional Circumstances. MaineHousing may at any time require
additional information from the Owner, any other party to the Transfer, or any
third party, that is reasonable or necessary to fully evaluate the request for
MaineHousing's consent to the Transfer.
(3) The process for obtaining MaineHousing
consent is simplified for the Transfers described in subsection (a) below.
(a) The following Transfers, provided no
Additional Circumstances exist as determined by MaineHousing, must comply with
the requirements of subsection (b) below:
(i)
Transfer of the Ownership Interest of a general partner of a limited
partnership to its Affiliate;
(ii)
Transfer of the Ownership Interest of a limited partner of a limited
partnership to its Affiliate;
(iii)
Transfer of the Ownership Interest of a manager or managing member of a limited
liability company to its Affiliate;
(iv) Transfer of the Ownership Interest of a
non-managing member of a limited liability company to its Affiliate;
(v) for a Tax Credit Investor Transfer,
Transfer of the Ownership Interest of a limited partner of a limited
partnership to the Sponsor of the Project owned by the limited partnership or
the Sponsor's Affiliate;
(vi) for a
Tax Credit Investor Transfer, Transfer of the Ownership Interest of a
non-managing member of a limited liability company to the Sponsor of the
Project owned by the limited liability company or the Sponsor's
Affiliate;
(vii) Transfer of an
Ownership Interest in a Qualified Rural Development Preservation
Project;
(viii) Transfer of less
than a Controlling Interest in an Owner, as determined by MaineHousing, with
the exception of a Tax Credit Investor Transfer and, a Transfer of the
Ownership Interest of any partner, member, or manager of a limited partnership
or limited liability company that owns a Tax Credit Project; or
(ix) any other Transfers expressly allowed in
writing by MaineHousing.
Transfers with Additional Circumstances, as determined by MaineHousing, including the above Transfers without limitation, are not eligible for the simplified process set forth in subsection (b) below.
(b) The following are
required for MaineHousing to consent to the Transfers described in subsection
(a) above:
(i) Written notice of the proposed
Transfer and request for MaineHousing's consent, which must be submitted by all
of the general partners for a Transfer of Ownership Interest of any partner in
a limited partnership or all of the managers or managing members for a Transfer
of Ownership Interest of any member or manager of a limited liability company,
including without limitation, any Transfer in connection with a Tax Credit
Investor Transfer;
(ii) a written
description of the proposed Transfer, including the Ownership Interest to be
transferred, the transferor(s) of the Ownership Interest, the transferee(s) of
the Ownership Interest, any consideration for the Transfer, any transfer taxes
or other amounts due in connection with the Transfer, source(s) of funding to
pay any such consideration and other amounts due, and any conditions of the
Transfer;
(iii) all instruments and
documents evidencing the Transfer, including without limitation, any assignment
and assumption of the Ownership Interest and any amendments to the
organizational documents of the entity that owns the Project in which the
Ownership Interest is being transferred, all of which instruments and documents
must be on terms and conditions acceptable to MaineHousing;
(iv) written consent of any lender,
regulatory agency, or other person or entity that is required in connection
with the Transfer; and
(v) any
other information or requirements that are reasonably related to the
Transfer.
(c)
MaineHousing will consent to the Transfer of an Ownership Interest in a
Qualified Rural Development Preservation Project if (i) the conditions of
subsection (b) above are satisfied, (ii) Rural Development consents to the
proposed Transfer, and (iii) when the Owner of the Qualified Rural Development
Preservation Project changes, the new Owner executes and delivers a written
assumption of all of the MaineHousing obligations in connection with the
Qualified Rural Development Preservation Project.
B. All Applications will be subject to a non-refundable application fee to be determined by MaineHousing.
C. If MaineHousing consents to the Transfer, a processing fee will be charged. The amount of the processing fee for Transfers will be established by MaineHousing from time to time and will be based in part upon the estimated cost of processing Transfer Applications.
D. MaineHousing will notify each Owner requesting MaineHousing's consent to the Transfer when the Application is complete and upon receipt of the required Transfer documents, provide an estimated date or date range by which MaineHousing will make a decision on the Transfer request.
Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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