Ala. Admin. Code r. 460-X-23-.08
A Tax Credit Certificate may only be issued by the Commission once its staff has reviewed Part C and determined that the substantial rehabilitation follows the Standards and has been completed in accordance with the Rehabilitation Plan approved by the Commission. In addition, a Tax Credit Certificate may only be issued by the Commission once its staff has determined that expenditures incurred with respect to the Approved Rehabilitation Plan appear to be consistent with a cost and expense certification: prepared by a licensed certified public accountant that is not an affiliate of the Owner, certifying the total qualified rehabilitation expenditures and the total amount of tax credits against any state tax due; and, if the qualified rehabilitation expenditures exceed two hundred thousand dollars ($200,000), a cost and expense certification audited by the licensed certified public accountant. For the purposes of these regulations, the affiliate shall mean independence for accounting purposes. The cost and expense certification shall include a certification by the licensed certified public accountant that the costs and expenses meet the requirements of this Program. The Commission shall issue a Tax Credit Certificate once it has received an appraisal of the Property after rehabilitation prepared by an independent appraiser who is a Member of the Appraisal Institute (MAI) and is a licensed real estate appraiser. A separate Tax Credit Certificate shall be issued for any supplemental Tax Credit Allocation Reservations that have been granted by the Commission for the Project.
The Commission shall issue a Tax Credit Certificate once it has received all Application fees due and the Applicant has met all other requirements of these regulations.
Ala. Admin. Code r. 460-X-23-.08
Author: Chloe Mercer, David Schneider
Statutory Authority: Act 2013-241
The amendment to this section by Alabama Administrative Monthly Volume XXXII, Issue No. 12, September 30, 2014, file. 9/3/2014 is not yet available.