§ 4-2502

Maryland § 4-2502

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 4

Text

(a) The owner of a qualified workforce housing project or the developer of a proposed project that will become a qualified workforce housing project may apply to the Secretary for allocation to the project of a portion of the State tax credit.

(b) An application under this section shall be made in the form and manner and contain any information that the Secretary requires by regulation.

(c) (1) The Secretary may require that the owner of a qualified workforce housing project, as a condition to receiving an allocation of the State tax credit, enter into a written regulatory agreement with the Secretary under terms and conditions set by the Secretary, regarding the use of the project.

(2) The Secretary may require that any agreement required by the Secretary under this subsection be filed in the official land records of the county where the project is located.

(3) The Secretary and any local agency or authority designated by the Secretary may enforce an agreement required by the Secretary under this section in the event the owner fails to satisfy any of the requirements of the agreement.

(4) The Secretary may not require that the owner of a qualified workforce housing project, as a condition to receiving an allocation of the State tax credit, use the bonding authority of the State.

(d) The Secretary shall adopt:

(1) regulations or policies establishing criteria by which the State tax credit will be allocated among qualified workforce housing projects; and

(2) any other regulations necessary to administer the provisions of this subtitle.

(e) Any project that receives an allocation of a portion of the State tax credit shall be restricted in occupancy as specified in the regulations adopted by the Secretary under subsection (d) of this section for a period of at least 30 years beginning with the first taxable year in which a State tax credit is claimed by the owner.