FROM TAXATION IS SOLD OR TRANSFERRED, THE FULL AMOUNT OF THE CREDIT TO
WHICH THE NONPROFIT CORPORATION WOULD BE ENTITLED IF TAXABLE MAY BE
TRANSFERRED TO THE PURCHASER OR TRANSFEREE AT THE TIME OF THE SALE OR
TRANSFER

(E) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(II) "HISTORIC REHABILITATION MORTGAGE CREDIT CERTIFICATE"
MEANS A CERTIFICATE ISSUED UNDER THIS SUBSECTION BY THE DIRECTOR TO A
BUSINESS ENTITY OR INDIVIDUAL THAT ELECTS TO RECEIVE THE CERTIFICATE IN
LIEU OF THE CREDIT ALLOWED UNDER THIS SECTION.

(III) "QUALIFIED PURCHASED HERITAGE STRUCTURE" MEANS A
CERTIFIED HERITAGE STRUCTURE:

1. FOR WHICH A CERTIFIED REHABILITATION HAS BEEN
COMPLETED AND AS TO WHICH UNUSED CREDIT COULD THE FULL AMOUNT OF THE
UNUSED CREDIT MAY CREDIT IS UNUSED AND COULD BE TRANSFERRED TO THE
PURCHASER UNDER SUBSECTION (D) OF THIS SECTION;

2. AS TO WHICH THE PURCHASER IS THE FIRST PURCHASER
OF THE CERTIFIED HERITAGE STRUCTURE AFTER THE COMPLETION OF THE
CERTIFIED REHABILITATION;

3. THAT WAS PURCHASED WITHIN 5 10 YEARS AFTER THE
COMPLETION OF THE CERTIFIED REHABILITATION; AND

4. ALL OR A PART OF WHICH WITHIN A REASONABLE PERIOD
WILL BE THE PRINCIPAL RESIDENCE OF THE PURCHASER

(2) (I) A BUSINESS ENTITY OR AN INDIVIDUAL MAY ELECT TO
RECEIVE A HISTORIC REHABILITATION MORTGAGE CREDIT CERTIFICATE IN LIEU OF
THE CREDIT OTHERWISE ALLOWABLE UNDER THIS SECTION.

(II) AN ELECTION UNDER THIS SUBSECTION SHALL BE MADE:

1. FOR A QUALIFIED PURCHASED HERITAGE STRUCTURE,
ON OR BEFORE THE DATE OF THE PURCHASE; AND

2. FOR ANY OTHER CERTIFIED REHABILITATION, ON OR
BEFORE THE DATE THE CERTIFIED REHABILITATION IS COMPLETED.

(III) AN ELECTION MAY NOT BE MADE UNDER THIS SUBSECTION
FOR A CERTIFIED REHABILITATION OF A CERTIFIED HERITAGE STRUCTURE THAT
HAS BEEN SOLD OR TRANSFERRED IF THE SELLER OR TRANSFEROR OF THE
STRUCTURE HAS CLAIMED ANY PORTION OF THE CREDIT ALLOWED UNDER THIS
SECTION FOR THE CERTIFIED REHABILITATION.

(3) IF A BUSINESS ENTITY OR INDIVIDUAL MAKES AN ELECTION UNDER
THIS SUBSECTION, THE DIRECTOR SHALL ISSUE A HISTORIC REHABILITATION
MORTGAGE CREDIT CERTIFICATE TO THE BUSINESS ENTITY OR INDIVIDUAL IN A
FACE AMOUNT EQUAL TO THE TOTAL AMOUNT OF THE CREDIT THAT, BUT FOR THE