As used in this part 54, unless the context
otherwise requires:
(1)Allocation certificate means a statement issued by the authority
certifying that a qualified development meets the requirements of this part 54 and
specifying the amount of the credit allocated to the owner of a qualified
development.
(2)Allocation plan means the allocation plan adopted by the authority that
governs the selection criteria and preferences for allocating the credits allowed in
this part 54 and that is posted on the authority's website.
(3)Authority means the Colorado housing and finance authority created in
section 29-4-704.
(4)Compliance period means the period of fifteen years beginning with the
first taxable year of the credit period.
(5)Credit means the middle-income housing tax credit a
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As used in this part 54, unless the context
otherwise requires:
(1) Allocation certificate means a statement issued by the authority
certifying that a qualified development meets the requirements of this part 54 and
specifying the amount of the credit allocated to the owner of a qualified
development.
(2) Allocation plan means the allocation plan adopted by the authority that
governs the selection criteria and preferences for allocating the credits allowed in
this part 54 and that is posted on the authority's website.
(3) Authority means the Colorado housing and finance authority created in
section 29-4-704.
(4) Compliance period means the period of fifteen years beginning with the
first taxable year of the credit period.
(5) Credit means the middle-income housing tax credit allowed pursuant to
this part 54.
(6) (a) Credit period means the period of five taxable years beginning with
the taxable year in which a qualified development is placed in service.
(b) As used in this subsection (6), placed in service means the date defined
by the authority as set forth in the allocation plan and based on 26 CFR 1.46-3 (d).
(7) Department means the Colorado department of revenue.
(8) Middle-income housing unit means a residential unit in a qualified
development that is rent restricted and reserved for occupancy only by middle-income individuals and families.
(9) (a) Middle-income individuals and families means individuals and
families with an annual income between eighty percent and one hundred twenty
percent of the area median income of households of that size in the county in which
the qualified development is located; except that, for individuals and families
residing in a rural resort county, the annual household income is between eighty
percent and one hundred forty percent of the area median income of households of
that size in the county in which the qualified development is located.
(b) As used in this subsection (9), area median income means the median
household income of households of a given size in the county in which the housing
is located, as established for a given year by the United States department of
housing and urban development.
(c) As used in this subsection (9), rural resort county means any county
classified as a rural resort county by the division of housing in the department of
local affairs as specified in the final report of the Colorado strategic housing
working group, dated July 6, 2021, including updates and modifications to the initial
classification of a county.
(10) Owner means the owner of a qualified development.
(11) (a) Qualified basis means the amount that equals the adjusted basis of
the qualified development as of the close of the first taxable year of the credit
period multiplied by the applicable fraction.
(b) As used in this subsection (11), adjusted basis means the adjusted basis
amount calculated according to the allocation plan.
(c) As used in this subsection (11), applicable fraction means the fraction
that has as its numerator the number of middle-income housing units in the
qualified development and as its denominator the number of residential units in the
qualified development.
(12) Qualified development means a housing development that is located in
the state and is determined by the authority to meet the criteria established in the
allocation plan, including providing the required number of middle-income housing
units.
(13) Qualified taxpayer means an individual, person, firm, corporation, or
other entity that owns an interest, direct or indirect, in a qualified development and
that is subject to the taxes imposed by this article 22.
(14) (a) Rent restricted means a residential unit in a qualified development
for which the gross rent does not exceed thirty percent of the imputed income
limitation applicable to the unit.
(b) As used in this subsection (14), imputed income limitation applicable to
the unit means the income limitation for occupants of the unit calculated based on
the number of bedrooms in the unit and using the area median income target
elected by the owner, as follows:
(I) In the case of a unit without a separate bedroom, one individual; or
(II) In the case of a unit with one or more separate bedrooms, one and one-half individuals for each separate bedroom.