§ 42-2853.01. Definitions.

Current through October 23, 2012

For the purposes of this chapter, the term:

(1) "Administrative costs" means the costs of the Department to administer, manage, and monitor the low-income housing tax credit program, including personnel costs, whether incurred before or after April 8, 2005.

(2) "Department" means the Department of Housing and Community Development.

(3) "Developer" means a person or entity that proposes to cause the construction affordable housing using tax credits provided under the Low-Income Housing Tax Credit Program.

(4) "Fund" means the Low-Income Housing Tax Credit Fund established by § 42- 2853.02.

(5) "Low-Income Housing Tax Credit Program" means the program authorized by section 42 of the Internal Revenue Code.

(6) "User fee" means a fee charged by the Department to a developer in connection with the Low-Income Housing Tax Credit Program, including application, reservation, allocation, and monitoring fees.

                
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(Apr. 8, 2005, D.C. Law 15-299, § 2, 52 DCR 1502.)

HISTORICAL AND STATUTORY NOTES

Temporary Addition of Section

For temporary (225 day) amendment of section, see § 2 of Low-Income Housing Tax Credit Fund Temporary Act of 2004 (D.C. Law 15-230, March 16, 2005, law notification 52 DCR 3556).

Emergency Act Amendments

For temporary (90 day) fund provisions, see § 2 of Low-Income Housing Tax Credit Non-Reverting/Non Lapsing Proprietary Fund Emergency Act of 2004 (D.C. Act 15-511, August 2, 2004, 51 DCR 8969).

For temporary (90 day) fund provisions, see § 2 of Low-Income Housing Tax Credit Fund Congressional Review Emergency Act of 2004 (D.C. Act 15-730, January 19, 2005, 52 DCR 1958).

For temporary (90 day) fund provisions, see § 2 of Low-Income Housing Tax Credit Fund Congressional Review Emergency Amendment Act of 2005 (D.C. Act 16- 39, February 17, 2005, 52 DCR 3037).

Legislative History of Laws

Law 15-299, the "Low-Income Housing Tax Credit Fund Act of 2004", was introduced in Council and assigned Bill No. 15-940, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on November 9, 2004, and December 7, 2004, respectively. Signed by the Mayor on December 29, 2004, it was assigned Act No. 15-696 and transmitted to both Houses of Congress for its review. D.C. Law 15-299 became effective on April 8, 2005.

References in Text

Section 42 of the Internal Revenue Code, referred to in par. (5), is classified to 26 U.S.C.A. § 42.