Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 35 - STATE LOW INCOME HOUSING TAX CREDIT RULE
Section 346-35-2 - Set Asides

Universal Citation: 99 ME Code Rules ยง 346-35-2

Current through 2024-38, September 18, 2024

a. Eighty percent of the State Credit available to be allocated in any calendar year, including any State Credit that has been carried forward or returned, is set aside for Qualified Maine Projects that use the Federal Low-Income Housing Tax Credit in conjunction with tax-exempt bonds issued by MaineHousing.

b. Ten percent of the State Credit first available to be allocated in any calendar year is set aside for Qualified Rural Development Preservation Projects, and if not allocated in that calendar year must be carried forward and be available to be allocated in subsequent calendar years for Qualified Rural Development Preservation Projects.

Upon January 1, 2029, any amount previously set aside under this section 2. b. and not previously allocated to a Qualified Rural Development Preservation Project is released from the set aside and need not be allocated to a Qualified Rural Development Preservation Project.

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