Supplement 8H Consent 2013 0506 - Laserfiche WebLink

Home

line 1 lower income households represents of the total property in any line 2 year in which any of the following criteria applies: line 3 (A) The acquisition, rehabilitation, development, or operation line 4 of the property, or any combination of these factors, is financed line 5 with tax-exempt mortgage revenue bonds or general obligation line 6 bonds, or is financed by local, state, or federal loans or grants and line 7 the rents of the occupants who are lower income households do line 8 not exceed those prescribed by deed restrictions or regulatory line 9 agreements pursuant to the terms of the financing or financial line 10 assistance. line 11 (B) The owner of the property is eligible for and receives line 12 low-income housing tax credits pursuant to Section 42 of the line 13 Internal Revenue Code of 1986, as added by Public Law 99-514. line 14 (C) In the case of a claim, other than a claim with respect to line 15 property owned by a limited partnership in which the managing line 16 general partner is an eligible nonprofit corporation, that is filed line 17 for the 2000–01 fiscal year or any fiscal year thereafter, 90 percent line 18 or more of the occupants of the property are lower income line 19 households whose rent does not exceed the rent prescribed by line 20 Section 50053 of the Health and Safety Code. The total exemption line 21 amount allowed under this subdivision to a taxpayer, with respect line 22 to a single property or multiple properties for any fiscal year on line 23 the sole basis of the application of this subparagraph, may not line 24 exceed twenty thousand dollars ($20,000) of tax. line 25 (D) (i) The property was previously purchased and owned by line 26 the Department of Transportation pursuant to a consent decree line 27 requiring housing mitigation measures relating to the construction line 28 of a freeway and is now solely owned by an organization that line 29 qualifies as an exempt organization under Section 501(c)(3) of the line 30 Internal Revenue Code. line 31 (ii) This subparagraph shall not apply to property owned by a line 32 limited partnership in which the managing partner is an eligible line 33 nonprofit corporation. line 34 (2) In order to be eligible for the exemption provided by this line 35 subdivision, the owner of the property shall do both of the line 36 following: line 37 (A) (i) For any claim filed for the 2000–01 fiscal year or any line 38 fiscal year thereafter, certify and ensure, subject to the limitation line 39 in clause (ii), that there is an enforceable and verifiable agreement line 40 with a public agency, a recorded deed restriction, or other legal 96 — 24 —AB 975