04 NCAC 01G .0202. APPLICATION PROCEDURE

(a)  The agency will solicit applications for tax credits.  Such action may include advertising in newspapers and other media, mailing information to prospective applicants and other methods of public announcement.

(b)  Any sponsor may apply for an allocation of tax credits by submitting an application to the agency in the manner prescribed by the committee.

(c)  The low‑income housing tax credit is available for allocation on an annual basis.  The committee may approve a sponsor's application for tax credits for a calendar year subsequent to the year of application, thereby reserving the credits from the subsequent year's credit ceiling.

(d)  The Federal Tax Act requires that only ten percent of the state's tax credits be set aside for qualified non‑profit organizations.  The committee has stated that 20 percent of the state credit allocation will be set aside for such non‑profit organizations, with the understanding. If, on November 1, of each year, it is apparent that the additional ten percent of the credits is not to be utilized; and thusly would expire, the committee will consider a reallocation of those credits to other applicants.

 

History Note:        Filed as a Temporary Rule Eff. October 16, 1987, for a Period of 120 Days to Expire on

February 13, 1988;

Filed as a Temporary Rule Eff. April 27, 1987, for a Period of 120 Days to Expire on

August 27, 1987;

Authority G.S. 143B‑429; 143B‑430; Rev. Code Sec. 42; Fed Reg 26 CFR 1.42‑1T;

Eff. November 1, 1987.