Section 40-NEW - [Newly enacted section not yet numbered] [Effective 10/1/2024] Administration; guidelinesThe authority shall administer the workforce housing tax credit program and shall adopt the guidelines and qualified allocation plans necessary to implement and administer this act consistent with federal law provided in 26 U.S.C. § 42. The qualified allocation plan shall provide a preference for applications in which there is a commitment for:
(i) a furnished children's activity center which will be made available at no cost to a licensed, qualified, and insured childcare provider for after-school care for children in grades K through 8 residing at the qualified project during ordinary school days from 2:30 pm to 6:00 pm; or (ii) the qualified project owner shall subsidize the cost of after-school care for children grades K through 8 residing at the qualified project for at least three years from the placed in service date, by the lesser of $1,000 per year per unit occupied by a student participating in the after-school program or $50,000 per annum. The authority shall permit reserves to be established from project sources to fund such subsidy costs. The workforce housing tax credit authorized by this act shall not be available to taxpayers that submit an application for federal low-income housing tax credits for a qualified project after September 30, 2027. No action or inaction on the part of the Legislature shall reduce or suspend the tax credits authorized by this act in any past or future calendar year with respect to a qualified project if the application to the authority was substantially complete on or prior to September 30, 2027, even if the award is made after such date, the qualified project is placed in service after September 30, 2027, or the first workforce housing credits are available to the qualified taxpayer after September 30, 2027.Ala. Code § 40-NEW (1975)
Added by Act 2024-302,§ 5, eff. 10/1/2024.