Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 35 - STATE LOW INCOME HOUSING TAX CREDIT RULE
Section 346-35-3 - Priorities

Universal Citation: 99 ME Code Rules ยง 346-35-3

Current through 2024-13, March 27, 2024

a. In reserving and allocating the State Credit for Qualified Maine Projects, MaineHousing will prioritize:

i. use of the State Credit in Qualified Census Tracts and Difficult Development Areas;

ii. efficient use of MaineHousing resources including without limitation the Federal Low-Income Housing Tax Credit, the State Credit, and 0% deferred financing resources to maximize the number of new residential units created;

iii. project readiness including approvals and financing in place;

iv. over time, 30% of the cumulative State Credit for Qualified Maine Projects Credits allocated to Senior Housing and 20% of the cumulative State Credit for Qualified Maine Projects allocated to Rural Areas; and

v. projects with an occupancy preference for persons who qualify for Supportive Housing in the greater of 4 units or 20% of the total number of units.

b. In reserving and allocating State Credit for Qualified Rural Development Preservation Projects, MaineHousing will prioritize projects that:

i. are Rural Development Section 515 Properties being transferred to a new Owner in accordance with Rural Development requirements;

ii. incur a minimum of $100,000 in property improvements in accordance with the State Low Income Housing Tax Credit Law; and

iii. are not claiming the Federal Low Income Housing Tax Credit.

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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