Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 35 - STATE LOW INCOME HOUSING TAX CREDIT RULE


Current through 2024-38, September 18, 2024

Summary: The state low income housing tax credit law was enacted to provide funds for the development and preservation of multi-family affordable housing. Under the law, at least 80% of the credit to be allocated in a calendar year must be set aside for the construction or adaptive reuse of buildings for new rental units. Over time, MaineHousing must seek to allocate 30% of the credit for new rental units to senior housing and 20% of the credit for new rental units to "rural areas." In addition, at least 10% of the credit to be allocated in a calendar year, must be set aside for qualified rural development preservation projects that incur at least $100,000 in improvements. This rule defines "rural areas" and provides for the allocation and administration of the credit and procedures for recapturing the credit for noncompliance.

STATUTORY AUTHORITY: 30-A M.R.S. §§4722(1)(GG) and 4741(1) and 36 M.R.S. § 5219- WW

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