PURPOSE: This rule establishes procedures and identifies requirements for filing a tax credit application for the Affordable Housing Assistance Program.

1. (1) Business firms wanting to invest in the Affordable Housing Assistance Program and receive tax credits must make application to the commission for approval and receive approval before the investment is made. If approved, the commission will issue a written reservation setting out the conditions of the reservation.

2. (2) Final approval and certification of the rights to receive tax credits will be given when—

   1. 1. The commission in writing has

approved the proposal to provide affordable housing through the use, new construction, rehabilitation of units or rent subsidy;

1. 2. All money, real or personal property,

or professional services included in the proposal shall have been irrevocably and unconditionally contributed, expended or devoted to the affordable housing assistance activity approved by the commission; and

1. 3. In all cases where the proposal

involves new construction or rehabilitation or use of existing units, the Land Use Restriction Agreement required by the commission is executed and filed for record.

1. (3) If the investment is in real or personal property, or in professional services rather than in cash, the valuation of the investment will be substantiated as required by the commission and its determination of value shall be final.

AUTHORITY: Chapter 215 and section 215.030(5), (12) and (19), RSMo Supp. 1989. Original rule filed Dec. 4, 1990, effective June 10, 1991. Emergency amendment filed May 20, 1992, effective May 30, 1992, expired Sept. 26, 1992. Emergency amendment filed Sept. 25, 1992, effective Oct. 5, 1992, expired Feb. 1, 1993. Amended: Filed May 27, 1992, effective Jan. 15, 1993.

*Original authority: 215.010, RSMo 1969, amended 1974, 1982, 1985; 215.020, RSMo 1969; 215.030, RSMo 1969, amended 1974, 1982, 1985, 1989; 215.035, RSMo 1989; 215.040–215.050, RSMo 1969; 215.060, RSMo 1969, amended 1974, 1982, 1985; 215.062, RSMo 1991; 215.070, RSMo 1969, amended 1972, 1974, 1975, 1985; 215.080, RSMo 1969; 215.090, RSMo 1969, amended 1974, 1985, 1989; 215.100–215.150, RSMo 1969; 215.160, RSMo 1969, amended 1974, 1985; 215.170–215.250, RSMo 1969; and 215.300–215.318, RSMo 1989.