Arkansas § 15-5-1304 - Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted.

§ 15-5-1304. Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted.

For proposals approved under § 15-5-1303, the amount of the tax credit shall not exceed thirty percent (30%) of the total amount invested in affordable housing assistance activities by a business firm. Any tax credit not used in the period for which the credit was approved may be carried forward to any of the five (5) subsequent taxable years until the full credit has been allowed. The total amount of tax credits granted for programs approved under § 15-5-1303 shall not exceed seven hundred fifty thousand dollars ($750,000) in any taxable year. For taxable year 1997, at least one-half (½) of the tax credits shall be designated by the Arkansas Development Finance Authority to the affordable housing assistance activities in counties declared disaster areas by the Governor. For any year during the compliance period indicated in the land-use restriction agreement, the owner of the rental affordable housing units for which a credit is being claimed shall certify to the authority that all tenants renting claimed affordable housing units are income-eligible for the affordable housing units and that the rentals for each claimed affordable housing unit are affordable in compliance with the provisions of § 15-5-1302. The authority is authorized, in its discretion, to audit the records and the accounts of the owner to verify the certification. In the case of owner-occupied affordable housing units, the qualifying owner-occupant, before the end of the first year in which credits are claimed, shall certify to the authority that the occupant is income eligible during the preceding two (2) years and at the time of the initial purchase contract, but not thereafter. The qualifying owner-occupant shall further certify to the authority before the end of the first year in which credits are claimed that during the compliance period indicated in the land-use restriction agreement, the cost of the affordable housing unit to the occupant for the claimed affordable housing unit can reasonably be projected to be in compliance with the provisions of § 15-5-1302. Any succeeding owner-occupant acquiring the affordable housing unit during the compliance period indicated in the land-use restriction agreement shall make the same certification.