SECTION 330:36-8-3. Authority

Latest version.

In the Omnibus Budget Reconciliation Act of 1989 (1989 Act), Congress modified the LIHTC Program by creating an Extended Use Period which lengthened the affordability period of Credit Developments from 15 years to 30 years. However, the 1989 Act also provided an option for Owners to exit the LIHTC Program at the end of the 15-year Compliance Period by requesting that the state allocating agency either purchase the Development or assign the agency's purchase right to another entity for a formula price pursuant to a "Qualified Contract".

[Source: Added at 23 Ok Reg 2980, eff 7-13-06; Amended at 28 Ok Reg 1658, eff 1-1-12]

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');