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

246 words·~1 min read·/ma/part-i/title-vii/chapter-40v/5

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[Introductory paragraph effective for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139.]

Section 5. 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;

[Clauses

(ii)and

(iii)of the introductory paragraph effective for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139.]

(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

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

[There is no subsection (a).]

[Subsection

(b)effective for tax years beginning on or after January 1, 2017. See 2016, 219, Sec. 139.]

(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.