§ 4-2502. Portion of State tax credit allocated to project
West's Annotated Code of MarylandHousing and Community DevelopmentEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Housing & Community Development, § 4-2502
§ 4-2502. Portion of State tax credit allocated to project
(a) The owner of a qualified workforce housing project or the developer of a proposed project that will become a qualified workforce housing project may apply to the Secretary for allocation to the project of a portion of the State tax credit.
(b) An application under this section shall be made in the form and manner and contain any information that the Secretary requires by regulation.
(c)(1) The Secretary may require that the owner of a qualified workforce housing project, as a condition to receiving an allocation of the State tax credit, enter into a written regulatory agreement with the Secretary under terms and conditions set by the Secretary, regarding the use of the project.
(d) The Secretary shall adopt:
(e) Any project that receives an allocation of a portion of the State tax credit shall be restricted in occupancy as specified in the regulations adopted by the Secretary under subsection (d) of this section for a period of at least 30 years beginning with the first taxable year in which a State tax credit is claimed by the owner.
Credits
Added by Acts 2019, c. 211, § 4, eff. July 1, 2019.
MD Code, Housing & Community Development, § 4-2502, MD HOUS & CMTY DEV § 4-2502
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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