Conn. Agencies Regs. § 10-416b-8 - Preliminary certification and reservation of tax credits
(a)
Application Requirements
(1) The
owner shall submit (A) a certificate of title or title insurance to the
certified historic structure for which reservation of tax credits is requested;
(B) if the owner is a business entity, a certificate of legal existence; (C)
documentation required under rating criteria in accordance with section
10-416b-9(a)
of the Regulations of Connecticut State Agencies; (D) an itemized budget of
estimated qualified rehabilitation expenditures prepared by a qualified
professional and signed by the preparer in accordance with subsection (b) of
this section; and (E) evidence of assessed value of the certified historic
structure as indicated in legal records not more than sixty calendar days
before submission of a request for preliminary certification and reservation of
tax credits.
(2) The owner shall
submit evidence of approval issued by the officer in accordance with section
10-416b-5
of the Regulations of Connecticut State Agencies. If a conditional approval was
given by the officer in accordance with section
10-416b-5(c)
(3), the owner shall demonstrate that the conditions have been met prior to the
certification of completed rehabilitation.
(3) An owner seeking to qualify for a tax
credit for a project that includes affordable housing as provided in section
10-416b
of the Connecticut General Statutes shall provide an affordable housing
certificate.
(4) The owner shall
remit with the application the required fee payment as indicated in section
10-416b-12(a)
of the Regulations of Connecticut State Agencies.
(b)
Itemization of Costs
(1) Costs attributable to rehabilitation
include (A) in general, all interior and exterior work to a certified historic
structure for mixed residential and nonresidential uses or solely
nonresidential use as necessary to execute an approved rehabilitation plan; (B)
abatement of lead paint, asbestos or other hazardous building materials; (C)
removal of mold or other biological growths posing risks to human health; (D)
installation of new electrical, plumbing, and HVAC systems; (E) construction of
any handicapped access ramp which is physically connected to the certified
historic structure; (F) demolition of non-historic portions of a building prior
to restoration of a documented historic appearance; (G) reconstruction of now
missing historic architectural features based on documentary, physical or
pictorial evidence; (H) demolition of a portion of a certified historic
structure owing to severe structural failure as documented in a structural
engineer's report prepared by a qualified professional; and (I) rental
equipment directly related to rehabilitation of a building, including dumpsters
or scaffolding. Allowance for contractor's overhead and profit, and general
requirements, shall not exceed fifteen percent of the total qualified
rehabilitation expenditures.
(2)
Costs attributable to new construction and not considered qualified
rehabilitation expenditures include (A) new additions, except as permitted
under section
10-416b
of the Connecticut General Statutes; (B) surface or structured parking; (C)
roads, driveways and sidewalks; (D) fencing; (E) landscaping; (F) environmental
remediation of the site; and (G) rehabilitation work to buildings or structures
other than the certified historic structure.
(3) Provision of site utilities, and new
sewer or water lines outside the envelope of the certified historic structure
shall not be considered rehabilitation.
(4) Kitchen and laundry appliances are
considered moveable property and shall not be considered
rehabilitation.
(5) Provision by
the owner of blinds and shades shall not be considered
rehabilitation.
(c)
Department Actions
(1) The
department shall review and issue a decision not more than thirty calendar days
after receipt of a complete application. If an application is incomplete, not
more than thirty calendar days after receipt the department shall notify the
owner in writing and indicate what information is needed to undertake or
complete review. The owner shall have thirty calendar days after the date of
notification by the department to respond in writing and provide the requested
information. Upon written request by the owner on or before the original
deadline, the department shall grant an extension to the owner.
(2) If the application requirements under
subsection (a) of this section are met, the department shall issue (A) a
preliminary certification; and (B) a reservation of tax credits in accordance
with subsection (d) of this section.
(d)
Reservation of Tax Credits
(1) In accordance with section
10-416b
of the Connecticut General Statutes, the department shall reserve tax credits
based on the total estimated qualified rehabilitation expenditures indicated in
subsection (a) (1) of this section.
(2) Reservation of tax credits shall be
subject to availability in any state fiscal year.
(3) If at the time the department completes
review of a request for preliminary certification and reservation of tax
credits, the amount of available tax credits to reserve is less than that
allowed under section
10-416b
of the Connecticut General Statutes, the owner shall be notified. The
department shall, at the request of the owner, reserve tax credits equal to the
amount available. The owner shall be eligible to request the balance of tax
credits when tax credits become available, provided the owner submits written
confirmation that the rehabilitation plan as approved remains
unchanged.
(4) In any state fiscal
year, if, at the time of receipt of a request for preliminary certification and
reservation of tax credits, no tax credits allowable under section
10-416b
of the Connecticut General Statutes are available, the department shall notify
the owner in writing and place the application on a waiting list. No
preliminary certification action shall be taken by the department, but the
department shall provide the owner with an advisory review of the application.
Applications placed on a waiting list shall be reviewed in the order of receipt
when tax credits become available.
(5) The tax credit reservation shall expire
sixty months from the date of issuance. Requests for certification of completed
rehabilitation shall be made prior to the expiration date of the tax credit
reservation.
(6) If in the same
state fiscal year that the tax credit is reserved, the owner notifies the
department in writing that the project has been cancelled, the tax credit
reservation shall be cancelled and tax credit may be reallocated by the
department in the same state fiscal year for pending or new applications in
order of their receipt.
Notes
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