Section 10-B3402. ELIGIBLE PROJECTS

 

3402.1Projects eligible to apply to the Department for tax credits shall meet the requirements of this section.

 

3402.2Projects shall meet the requirement of §252 of the Act including, but not limited to, the following:

 

(a)The project shall meet the following minimum rent-restricted low income unit set-aside:

 

(1)At least twenty percent (20%) of the rental units in the project shall be rented to households with incomes at or below fifty percent (50%) of the area median income adjusted by household size;

 

(2)At least forty percent (40%) of the rental units in the project shall be rented to households with incomes at or below sixty percent (60%) of the area median income adjusted by household size;

 

(b)The gross rent of rent-restricted low income units shall not exceed thirty percent (30%) of the applicable qualifying income by household size;

 

(c)The project shall remain as rental housing, and the minimum rent-restricted low income set-aside shall be maintained, for a period of at least fifteen (15) years from the first taxable year of the credit period for the building; and

 

(d)The project shall be new construction, rehabilitation or acquisition of existing housing as defined by the Act.

 

3402.3Applicants shall only be accepted for multi-family housing projects.

 

3402.4Applications shall be complete and be submitted during time periods specified for receipt, as determined by the Department.

 

3402.5The applicant shall establish that he or she has adequate control of the property, as determined by the Department.

 

source

Final Rulemaking published at 34 DCR 7308, 7309 (November 13, 1987).