Conn. Agencies Regs. § 10-416b-12 - Recapture of tax credit voucher
(a) If the
residential portion of a mixed residential and nonresidential rehabilitation is
not completed within the scheduled timeframe as provided in section
10-416b-5(b)
(1) of the Regulations of Connecticut State Agencies the owner shall recapture
one hundred percent of the tax credit voucher.
(b) The department, at its discretion, may
provide an extension of time for completion of a residential portion of the
rehabilitation plan, but in no event shall such extension be more than three
years.
(c) If the owner fails to
complete the residential portion of the building within the allotted timeframe,
the department shall notify the Department of Revenue Services of the owner's
default.
Notes
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