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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B34. LOW INCOME HOUSING TAX CREDIT PROGRAM |
Section 10-B3400. GENERAL PROVISIONS
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3400.1Section 252 of the Tax Reform Act of 1986 (the "Act") establishes a federal income tax credit for investments in residential rental housing which provide housing for low income persons. The Act authorizes the District of Columbia to allocate available tax credits to eligible housing developments.
3400.2The Department of Housing and Community Development shall be the designated housing credit agency of the Government of the District of Columbia for allocation of available tax credits.
3400.3The provisions of this chapter shall set forth the procedures to be followed and criteria to be employed by the Department in deciding who shall be awarded tax credits.
3400.4No housing credit allocation from the Department shall be required in order to claim a tax credit for that portion of a qualified low income housing project that is financed with appropriate tax-exempt bond financing, such as the tax-exempt bond financing of the D.C. Housing Finance Agency.
3400.5The amount of such credits (other than credits for developments financed with certain tax-exempt bonds) available for allocation for calendar years 1987, 1988, 1989 by the District of Columbia shall equal one dollar and twenty-five cents ($1.25) for every District resident.
3400.6The maximum credit that may be claimed by a taxpayer depends on the following:
(a)Whether the project involves expenditures for new construction, rehabilitation or acquisition of existing buildings;
(b)The percentage of low income occupancy;
(c)Whether the project is receiving federal subsidy; and
(d)When it was or shall be placed in service.
3400.7If any provision of the Act or Federal regulations issued pursuant to the Act conflicts with this chapter, the Federal Act or regulations shall apply.
3400.8Upon determination of good cause, the Director may waive provision of this chapter, subject to the limitations of Federal and District law. Each waiver shall be in writing and shall be supported by the facts and basis for the waiver.