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The 189th General Court of the Commonwealth of Massachusetts

Section 5: Award of tax credits to sponsor of a certified project

[ Introductory paragraph effective until August 10, 2016. For text effective August 10, 2016, see below.]

  Section 5. The department may award to a sponsor of a certified project tax credits available under subsection (q) of section 6 of chapter 62 and section 38BB of chapter 63 not to exceed 10 per cent of the cost of qualified substantial rehabilitation expenditures of the market rate units in the project. The amount and duration of the credit awarded shall be based on the following factors:

[ Introductory paragraph as amended by 2016, 219, Sec. 62 effective August 10, 2016 for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139. For text effective until August 10, 2016, see above.]

  The department may award tax credits available under subsection (q) of section 6 of chapter 62 or section 38BB of chapter 63 of not more than 25 per cent of the cost of qualified project expenditures allocable to the market rate units in a project, as determined by the department, to a sponsor of a certified housing development project. The amount and duration of the credit awarded shall be based on the following factors:

  (i) the need for residential development and diversity of housing supply in the gateway municipality;

[ Clause (ii) of the introductory paragraph effective until August 10, 2016. For text effective August 10, 2016, see below.]

  (ii) the extent to which the project will encourage residential development, expansion of diversity of housing supply, support neighborhood stabilization, and promote economic development in the zone; and

[ Clause (ii) of the introductory paragraph as amended by 2016, 219, Sec. 63 effective August 10, 2016 for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139. For text effective until August 10, 2016, see above.]

  (ii) the extent to which the certified housing development project will encourage residential development, expansion of diversity of housing supply, support neighborhood stabilization, and promote economic development in the zone; and

[ Clause (iii) of the introductory paragraph effective until August 10, 2016. For text effective August 10, 2016, see below.]

  (iii) the percentage of market rate units contained in the project.

[ Clause (iii) of the introductory paragraph as amended by 2016, 219, Sec. 63 effective August 10, 2016 for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139. For text effective until August 10, 2016, see above.]

  (iii) the percentage of market rate units contained in the certified housing development project.

[ There is no subsection (a).]

[ Subsection (b) effective until August 10, 2016. For text effective August 10, 2016, see below.]

  (b) The department may, limit any incentive or credit available to a project under subsection (q) of section 6 of chapter 62 and section 38BB of chapter 63 to a dollar amount or in any other manner deemed appropriate by the department.

[ Subsection (b) as amended by 2016, 219, Sec. 63 effective August 10, 2016 for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139. For text effective until August 10, 2016, see above.]

  (b) The department may, limit any incentive or credit available to a certified housing development project under subsection (q) of section 6 of chapter 62 and section 38BB of chapter 63 to a dollar amount or in any other manner deemed appropriate by the department.