Section 40V:5 - Award of tax credits to sponsor of certified project(a) The department may award tax credits available under subsection (q) of section 6 of chapter 62 or section 38BB of chapter 63 of not more than 25 per cent of the cost of qualified project expenditures allocable to the market rate units in a project, as determined by the department, to a sponsor of a certified housing development project. The amount and duration of the credit awarded shall be based on the following factors: (i) the need for residential development and diversity of housing supply in the gateway municipality;(ii) the extent to which the certified housing development will encourage residential development, expansion of diversity of housing supply, support neighborhood stabilization, and promote economic development in the zone; and(iii) the percentage of market rate units contained in the certified housing development.(b) The department may, limit any incentive or credit available to a certified housing development under subsection (q) of section 6 of chapter 62 and section 38BB of chapter 63 to a dollar amount or in any other manner deemed appropriate by the department. Mass. Gen. Laws ch. 40V, § 5
Amended by Acts 2016 , c. 219, §§ 62, 63 eff. 8/10/2016, op. for tax years beginning on or after 1/1/2017.Added by Acts 2010 , c. 240, § 105, eff. 8/1/2010.