SECTION 1. Subsection (b) of section 6I of chapter 62 of the General Laws, as so appearing, is hereby amended by striking out paragraph (1) and inserting in place thereof the following paragraph:
(1)There shall be a Massachusetts low-income housing tax credit. The department may authorize annually under this section together with section 31H of chapter 63 the total sum of: (i) $20,000,000; (ii) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; (iii) Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project; and (iv) for the period commencing July 1, 2016 through June 30, 2020, a total amount of up to $15,000,000 for the purpose of preserving projects for which the affordability restriction pursuant to a mortgage financed under Section 13A of Chapter 708 of the Acts of 1966 of the Commonwealth of Massachusetts, as amended, is terminating whether through expiration or prepayment, provided that the department shall provide to the commissioner an estimate of the amount to be authorized in each fiscal year of such period not later than September 30 of the prior fiscal year.
SECTION 2. Subsection (b) of section 31H of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out paragraph (1) and inserting in place thereof the following paragraph:
(1)There shall be a Massachusetts low-income housing tax credit. The department may authorize annually under this section together with section 31H of chapter 63 the total sum of: (i) $10,000,000; (ii) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; (iii) Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project; and (iv) for the period commencing July 1, 2016 through June 30, 2020, a total amount of up to $15,000,000 for the purpose of preserving projects for which the affordability restriction pursuant to a mortgage financed under Section 13A of Chapter 708 of the Acts of 1966 of the Commonwealth of Massachusetts, as amended, is terminating whether through expiration or prepayment, provided that the department shall provide to the commissioner an estimate of the amount to be authorized in each fiscal year of such period not later than September 30 of the prior fiscal year.
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