Amendment #517 to H4100

State Historic Tax Credit Forward Funding Rule Change for Gateway Cities

Representatives Cabral of New Bedford, Schmid of Westport, Koczera of New Bedford, Canavan of Brockton, DiNatale of Fitchburg, Fresolo of Worcester, Markey of Dartmouth, O'Day of West Boylston, Brady of Brockton, Aguiar of Fall River, Creedon of Brockton, Sullivan of Fall River, Chan of Quincy, Rosa of Leominster, Kane of Holyoke, Smith of Everett, Coakley-Rivera of Springfield and Devers of Lawrence moves to amend the bill by adding at the end thereof the following sections:

“SECTION XX: Section 6J of Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting in line 8 the following:

“Gateway City Forward Funding Project”, the proposed rehabilitation of a qualified historic structure in a gateway municipality.

“Gateway Municipality”, as defined in section 3A of chapter 23A of the General Laws.

SECTION XX: Section 6J of Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking beginning in line 41 the following:

“but, at least 25 per cent of the tax credits awarded annually shall be dedicated to projects that contain affordable housing whenever possible and consistent with the criteria”

And inserting in place thereof the following:

“but, (1) at least 25 per cent of the tax credits awarded annually shall be dedicated to projects that contain affordable housing whenever possible and consistent with the criteria, and (2) in each round of awards, credits in an amount equal to at least 10 per cent of the total value of credits awarded in that round shall be awarded for future rounds pursuant to subsection (k).

SECTION XX: Section 6J of Chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following:

(k) Notwithstanding any provisions of this section to the contrary, the commission shall issue credits from one or more future rounds of awards authorized by this section to qualifying gateway city forward funding projects as part of each round of credit awards.  Such credits will reduce the total amount of credits available to be awarded in future rounds.  Gateway city forward funding project applicants shall be allowed, but not required, to specify which future round or rounds they wish to apply for.  In making credit awards pursuant to this subsection, the commission shall not consider applicants’ project financing.

SECTION XX: Section 38R of Chapter 63 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting in line 8 the following:

“Gateway City Forward Funding Project”, the proposed rehabilitation of a qualified historic structure in a gateway municipality.

“Gateway Municipality”, as defined in section 3A of chapter 23A of the General Laws.

SECTION XX: Section 38R of Chapter 63 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking beginning in line 41 the following:

“but, at least 25 per cent of the tax credits awarded annually shall be dedicated to projects that contain affordable housing whenever possible and consistent with the criteria”

And inserting in place thereof the following:

“but, (1) at least 25 per cent of the tax credits awarded annually shall be dedicated to projects that contain affordable housing whenever possible and consistent with the criteria, and (2) in each round of awards, credits in an amount equal to at least 10 per cent of the total value of credits awarded in that round shall be awarded for future rounds pursuant to subsection (k).

SECTION XX: Section 38R of Chapter 63 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding the following:

(k) Notwithstanding any provisions of this section to the contrary, the commission shall issue credits from one or more future rounds of awards authorized by this section to qualifying gateway city forward funding projects as part of each round of credit awards.  Such credits will reduce the total amount of credits available to be awarded in future rounds.  Gateway city forward funding project applicants shall be allowed, but not required, to specify which future round or rounds they wish to apply for.  In making credit awards pursuant to this subsection, the commission shall not consider applicants’ project financing.”