D.C. Mun. Regs. tit. 10, r. 10-B3400
Section 252 of the Tax Reform Act of 1986 (the "Act") establishes a federal income tax credit for investments in residential rental housing which provide housing for low income persons. The Act authorizes the District of Columbia to allocate available tax credits to eligible housing developments.
The Department of Housing and Community Development shall be the designated housing credit agency of the Government of the District of Columbia for allocation of available tax credits.
The provisions of this chapter shall set forth the procedures to be followed and criteria to be employed by the Department in deciding who shall be awarded tax credits.
No housing credit allocation from the Department shall be required in order to claim a tax credit for that portion of a qualified low income housing project that is financed with appropriate tax-exempt bond financing, such as the tax-exempt bond financing of the D.C. Housing Finance Agency.
The amount of such credits (other than credits for developments financed with certain tax-exempt bonds) available for allocation for calendar years 1987, 1988, 1989 by the District of Columbia shall equal one dollar and twenty-five cents ($1.25) for every District resident.
The maximum credit that may be claimed by a taxpayer depends on the following:
If any provision of the Act or Federal regulations issued pursuant to the Act conflicts with this chapter, the Federal Act or regulations shall apply.
Upon determination of good cause, the Director may waive provision of this chapter, subject to the limitations of Federal and District law. Each waiver shall be in writing and shall be supported by the facts and basis for the waiver.
D.C. Mun. Regs. tit. 10, r. 10-B3400