SECTION 330:36-2-16. Carryover Allocations

(a)   Code reference. Code Section 42(h)(1)(E) provides that an Allocation may be made to a Qualified Building, as defined by Section 42(h)(1)(E)(ii), which has not yet been Placed-In-Service, provided the Qualified Building is Placed-In-Service not later than the close of the second calendar year following the calendar year of the Allocation.

(b)   Carryover Allocation applications. Owners must submit a carryover application and required documents at a date specified by OHFA staff. The Owner must satisfy all requirements of the Code and OHFA staff.

(c)   Carryover Allocation basis. To qualify for a Carryover Allocation, the Owner must demonstrate that the Owner's basis in the Development, at one (1) calendar year after the date of Allocation, is more than ten percent (10%) of the Owner's reasonably expected basis in the Development. Developments that fail to meet the ten percent (10%) test will not have a valid Carryover Allocation. The ten percent (10%) test must be certified by the Owner's certified public accountant, in a form acceptable to OHFA. OHFA's determination as to the satisfaction of the ten percent (10%) requirement is not binding upon the IRS and does not constitute a representation by OHFA to the taxpayer or any other party to that effect.

(d)   Carryover Allocation Agreement. The Owner must submit to OHFA an executed Carryover Allocation Agreement, in a form and at a date specified by OHFA.

(e)   Notification of Placed-In-Service date. Applicant must notify OHFA within thirty (30) calendar days of the date the Building(s) is/are Placed-In-Service. Notice will consist of submission of copies of the permanent Certificates of Occupancy for each Building and completion of any and all forms as may be required in the AP.

(f)   Development based Allocation. An Allocation pursuant to Code Section 42(h)(1)(F) must meet the requirements of Code Section 42(h)(1)(F), all applicable Treasury Regulations, and these Chapter 36 Rules.

[Source: Added at 21 Ok Reg 2280, eff 1-2-05; Amended at 22 Ok Reg 2579, eff 1-2-06; Amended at 26 Ok Reg 303, eff 11-20-08 (emergency); Amended at 26 Ok Reg 1208, eff 7-1-09; Amended at 28 Ok Reg 1658, eff 1-1-12; Amended at 34 Ok Reg 1378, eff 1-1-18; Amended at 37 Ok Reg 1717, eff 1-1-21]