Michigan Administrative Code › Department - Labor and Economic Opportunity › Michigan Stategic fund › Historic Preservation Certification › Section R. 206.206 - Certification; credit reservation priority

Current through Vol. 24-12, July 15, 2024
Rule 206.
(1) State
				historic preservation applications will be reviewed upon receipt, and the
				office shall issue either a preapproval letter or a priority number based on
				the date that a complete and adequately documented state part 2 application was
				received by the office and the amount of available tax credits. When making
				preapprovals, the office shall offer the maximum amount of available credit,
				not to exceed 25% of the estimated qualified expenditures, to the first
				applicant of a particular project type that has submitted a complete
				application to the office. If the available credit is less than the full credit
				anticipated by the applicant, the applicant may accept the reduced amount of
				credit or decline the offer and accept a priority number based on the date of
				the applicant's completed application. An applicant that declines a partial
				credit offer may receive additional credit offers, based on their requested
				amount of credit and priority number as additional credit becomes available.
				Declining a credit offer does not extend the 2-year limit on the original
				priority number assigned to the application.
(2) In any year, if the maximum amount of
				credit allocated to a specific project type or the annual maximum credit limit
				for the program is reached, the office shall do the following:
(a) Notify the public via its website that
				the office will no longer accept any additional applications for that project
				type or the program for the remainder of the year.
(b) Assign a priority number to all remaining
				complete applications that did not receive a preapproval letter. Priority
				numbers will be assigned to each application based on the date the completed
				application was received by the office.
(c) Allow applicants that submitted
				incomplete applications to submit a revised application. In the event a revised
				application is determined to be complete, the application must be assigned a
				priority number based on the date the revised complete application was received
				by the office.
(d) In the last
				month of each year, the office shall review all applications that have been
				assigned priority numbers and based on the lowest priority number, contact
				applicants to verify if the applicants are still seeking credit for a project.
				If so, the office shall do the following:
(i)
				Issue a preapproval letter for any recaptured, unclaimed, or returned credits
				from previous years to other applications within that project type based on
				priority numbers. If there are no applications within that specific project
				type that will accept the recaptured, unclaimed, or returned credit, then it
				must be made available to any approved application, regardless of project type,
				based on priority number.
(ii)
				Notify any applicants that have not received a preapproval letter and that have
				a priority number that was issued at least 2 years before the review date that
				the application has expired, the applicant is no longer be eligible for any
				available credit, and the applicant will need to submit a new application if
				the applicant wants to continue to seek a credit.
(iii)Determine which projects will receive
				funding in the next year based on priority number and project types.
(iv) Post on its website the total amount of
				credit, if any, per project type that will be available to new applications in
				the subsequent year.