760 CMR 54.14 - Application Process and Administrative Fees
(1)
Application. Project applicants seeking an allocation of
Massachusetts low-income housing tax credit shall include a request for such credit
allocation in the same application to be filed with the Department through which
such proponent requests an allocation of federal low-income housing tax credit. With
respect to projects described in
760 CMR
54.09(1)(b), the request for
Massachusetts low-income housing tax credit shall be made in the form of a letter to
the Department accompanied by:
(a) a copy of the
applicant's submission to the agency providing the tax-exempt bond financing for the
project; and
(b) such additional
information as would be included in an application to the Department for a federal
low-income housing tax credit allocation. The Department shall issue guidance
describing any additional information to be included with credit requests. The
Department may require that the applicant provide analyses of alternative funding
scenarios that allow the Department to evaluate the comparative efficiency of
allocating varying levels of federal and Massachusetts low-income housing tax credit
to such proposed project.
(2)
Filing Fee. Each application seeking an allocation of
Massachusetts low-income housing tax credit shall be accompanied by a filing fee set
by the Department which shall be payable to the Commonwealth of
Massachusetts.
(3)
Opinion
of Counsel. Prior to approval of a credit request, the applicant shall
provide an opinion of tax counsel or other documentation satisfactory to the
department to verify that the donor making the qualified donation will qualify for a
Federal charitable deduction based on the fair market value of the qualified
donation.
Notes
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