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Ch. 444 2005 LAWS OF MARYLAND
SUBSECTION (D) OF THIS SECTION AND SHALL INCREASE THE AMOUNT OF THE
INITIAL CREDIT CERTIFICATES THAT THE TRUST MAY ISSUE FOR THE FOLLOWING
FISCAL YEAR
(d) (3) (iii) 1. Except as otherwise provided in this subparagraph AND IN
SUBSECTION (B)(7)(VI) OF THIS SECTION, for any fiscal year, the Director may not
issue initial credit certificates for credit amounts in the aggregate totaling more than
the amount appropriated to the Reserve Fund for that fiscal year in the State budget
as approved by the General Assembly.
SECTION 6. AND RE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article - Housing and Community Development
5-403.
(b) (7) (I) THE DIRECTOR SHALL ADOPT REGULATIONS TO CHARGE A
REASONABLE FEE TO CERTIFY HERITAGE STRUCTURES AND REHABILITATIONS
UNDER THIS SECTION:
(II) A FEE CHARGED UNDER THIS PARAGRAPH SHALL APPLY ONLY
TO A CERTIFICATION FOR A COMMERCIAL REHABILITATION THAT IS AWARDED AN
INITIAL CREDIT CERTIFICATE UNDER THIS SECTION FOR A FISCAL YEAR THAT
BEGINS ON OR AFTER JULY 1, 2005.
(III) THE DIRECTOR SHALL SET THE LEVEL OF THE FEE SO THAT
THE PROJECTED PROCEEDS FROM THE FEE WILL COVER THE COSTS TO THE TRUST
OF ADMINISTERING THE CREDIT UNDER THIS SECTION AND THE FEDERAL HISTORIC
TAX CREDIT.
(IV) THE FEE CHARGED TO ANY PROJECT MAY NOT EXCEED 1% OF
THE AMOUNT OF THE INITIAL CREDIT CERTIFICATE ISSUED FOR THE PROJECT.
(V) THE PROCEEDS FROM THE FEE SHALL BE DEPOSITED IN A
SPECIAL FUND. TO BE USED ONLY FOR THE PURPOSES OF PAYING THE COSTS OF
ADMINISTERING THE CREDIT UNDER THIS SECTION AND THE FEDERAL HISTORIC
TAX CREDIT.
(VI) ANY UNUSED BALANCE OF THE FUND AT THE END OF EACH
FISCAL YEAR SHALL BE TRANSFERRED TO THE RESERVE FUND ESTABLISHED UNDER
SUBSECTION (D) OF THIS SECTION AND SHALL INCREASE THE AMOUNT OF THE
INITIAL CREDIT CERTIFICATES THAT THE TRUST MAY ISSUE FOR THE FOLLOWING
FISCAL YEAR.
(d) (3) (iii) 1. Except as otherwise provided in this subparagraph AND IN
SUBSECTION (B)(7)(VI) OF THIS SECTION, for any fiscal year, the Director may not
issue initial credit certificates for credit amounts in the aggregate totaling more than
the amount appropriated to the Reserve Fund for that fiscal year in the State budget
as approved by the General Assembly.
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