Maine State Housing Authority Adopts Regulations on Low Income Housing Tax Credit

The Maine State Housing Authority Oct. 14 adopted regulations on low-income housing tax credits for individual income and corporate income tax purposes. The rules include measures: 1) establishing set-asides and the maximum credit amount; 2) providing the threshold requirements that an application must meet to be eligible for the credit; 3) clarifying the allocation procedure for the credits; 4) clarifying requirements associated with issuance of a notice of reservation of the credits; and 5) providing definitions of relevant terms, including “affordable housing projects” and “allocation of credit certification.” The regulations took effect on Oct. 13. [Me. State Hous. Auth., Regs. ...