PURPOSE: This rule explains the circumstances under which a project can have multiple construction periods under the Historic Preservation Tax Credit program.

1. (1) To qualify as a phased project, an applicant must:

   1. (A) Apply for the federal historic preservation tax incentives program as a phased project;
   2. (B) Submit a preliminary application for each construction period of the phased project at the same time; and
   3. (C) The phased project application must be submitted with each preliminary application.
2. (2) Each phased preliminary application for tax credits must mirror the phasing listed in the federal historic preservation tax incentives project application.
3. (3) Each construction period of a phased project must be described such that expenditures are clearly identified as incurred during an individual phase.
4. (4) All amendments to a state phased project application must have identical amendments as the applicant’s federal phased project application. An amended phased project application shall be evaluated as an amendment to the project phase in question.
5. (5) Each construction period of a phased project must meet all program requirements on its own, without consideration of any other phase of the project.
6. (6) The director shall have the authority to approve a phased project application using an aggregate estimate with flexibility among phases for projects that meet the requirements of 4 CSR 85-5.020(5).

AUTHORITY: section 135.487, RSMo 2016, and section 620.010, RSMo Supp. 2019.* Emergency rule filed March 20, 2019, effective March 30, 2019, expired Dec. 31, 2019. Community Services Original rule filed March 20, 2019, effective Nov. 30, 2019. *Original authority: 135.487, RSMo 1999 and 620.010, RSMo 1971, amended 1981, 1983, 1986, 1989, 1990, 1993, 1994, 1995, 1999, 2001, 2007, 2008, 2010, 2014, 2019.