94- 457 C.M.R. ch. 325, § 3

Current through 2024-36, September 4, 2024

Section 457-325-3 - INFORMATION REQUIRED ON OR ATTACHED TO THE ALLOCATION APPLICATION

The following information shall be required on or attached to the Allocation Application:

1. The name, address and tax identification number of the CDE, and evidence of the certification of the entity as a qualified community development entity by the Secretary of the United States Treasury;

2. A copy of an allocation agreement executed by the CDE, its controlling entity or other entity controlled by the same controlling entity, and the CDFI Fund, which includes the State in its service area;

3. A certificate executed by an authorized executive officer of the CDE attesting that the allocation agreement remains in effect and has not been revoked or canceled by the CDFI Fund;

4. A description of the amount of tax credit authority requested and the proposed use of proceeds from any qualified equity investments received or long-term debt security issued by such CDE for which it intends to seek certification by the Authority under 10 M.R.S.A. §1100-Z; and

5. Responses to the following five questions, which must be answered affirmatively or negatively without explanation or elaboration (simple yes or no answers), to determine qualification for participating in the program:

A. Whether the CDFI Fund has awarded multiple rounds of federal New Markets Tax Credit allocation to the CDE, its controlling entity or other entity controlled by the same controlling entity;

B. Whether the CDE, its controlling entity or other entity controlled by the same controlling entity, has participated as a qualified community development entity in a state New Markets Tax Credit program or has made an investment in this State that qualifies for federal New Markets Tax Credits;

C. Whether the CDE, its controlling entity or other entity controlled by the same controlling entity, has made an investment qualified for tax credits in a business located in a non-metropolitan census tract;

D. Whether the CDE, its controlling entity or other entity controlled by the same controlling entity, has made an investment qualified for tax credits in a state where it did not previously have substantial operations; and

E. Whether the CDE, its controlling entity or other entity controlled by the same controlling entity, has explored potential investment opportunities in this State that would qualify for credits under the Program.

6. A description of the fees that the Applicant intends to charge for transactions for which allocation is sought.

94- 457 C.M.R. ch. 325, § 3