Code of Maine Rules › 99 - INDEPENDENT AGENCIES › 346 - MAINE STATE HOUSING AUTHORITY › Chapter 27 - TRANSFERS OF OWNERSHIP INTERESTS › Section 346-27-3 - Application for Ownership Transfer

Current through 2024-29, July 17, 2024
A.
(1) MaineHousing's written consent to a
				Transfer of an Ownership Interest is required prior to the Transfer.
(2) Owners requesting MaineHousing's consent
				to a Transfer will be required to submit an Application. The form and content
				of the Application will be determined by MaineHousing and may differ depending
				on the type of Ownership Interest or Transfer involved or whether the Transfer
				involves any Additional Circumstances. MaineHousing may at any time require
				additional information from the Owner, any other party to the Transfer, or any
				third party, that is reasonable or necessary to fully evaluate the request for
				MaineHousing's consent to the Transfer.
(3) The process for obtaining MaineHousing
				consent is simplified for the Transfers described in subsection (a) below.
(a) The following Transfers, provided no
				Additional Circumstances exist as determined by MaineHousing, must comply with
				the requirements of subsection (b) below:
(i)
				Transfer of the Ownership Interest of a general partner of a limited
				partnership to its Affiliate;
(ii)
				Transfer of the Ownership Interest of a limited partner of a limited
				partnership to its Affiliate;
(iii)
				Transfer of the Ownership Interest of a manager or managing member of a limited
				liability company to its Affiliate;
(iv) Transfer of the Ownership Interest of a
				non-managing member of a limited liability company to its Affiliate;
(v) for a Tax Credit Investor Transfer,
				Transfer of the Ownership Interest of a limited partner of a limited
				partnership to the Sponsor of the Project owned by the limited partnership or
				the Sponsor's Affiliate;
(vi) for a
				Tax Credit Investor Transfer, Transfer of the Ownership Interest of a
				non-managing member of a limited liability company to the Sponsor of the
				Project owned by the limited liability company or the Sponsor's
				Affiliate;
(vii) Transfer of an
				Ownership Interest in a Qualified Rural Development Preservation
				Project;
(viii) Transfer of less
				than a Controlling Interest in an Owner, as determined by MaineHousing, with
				the exception of a Tax Credit Investor Transfer and, a Transfer of the
				Ownership Interest of any partner, member, or manager of a limited partnership
				or limited liability company that owns a Tax Credit Project; or
(ix) any other Transfers expressly allowed in
				writing by MaineHousing.
Transfers with Additional Circumstances, as determined by
				  MaineHousing, including the above Transfers without limitation, are not
				  eligible for the simplified process set forth in subsection (b) below.
(b) The following are
				required for MaineHousing to consent to the Transfers described in subsection
				(a) above:
(i) Written notice of the proposed
				Transfer and request for MaineHousing's consent, which must be submitted by all
				of the general partners for a Transfer of Ownership Interest of any partner in
				a limited partnership or all of the managers or managing members for a Transfer
				of Ownership Interest of any member or manager of a limited liability company,
				including without limitation, any Transfer in connection with a Tax Credit
				Investor Transfer;
(ii) a written
				description of the proposed Transfer, including the Ownership Interest to be
				transferred, the transferor(s) of the Ownership Interest, the transferee(s) of
				the Ownership Interest, any consideration for the Transfer, any transfer taxes
				or other amounts due in connection with the Transfer, source(s) of funding to
				pay any such consideration and other amounts due, and any conditions of the
				Transfer;
(iii) all instruments and
				documents evidencing the Transfer, including without limitation, any assignment
				and assumption of the Ownership Interest and any amendments to the
				organizational documents of the entity that owns the Project in which the
				Ownership Interest is being transferred, all of which instruments and documents
				must be on terms and conditions acceptable to MaineHousing;
(iv) written consent of any lender,
				regulatory agency, or other person or entity that is required in connection
				with the Transfer; and
(v) any
				other information or requirements that are reasonably related to the
				Transfer.
(c)
				MaineHousing will consent to the Transfer of an Ownership Interest in a
				Qualified Rural Development Preservation Project if (i) the conditions of
				subsection (b) above are satisfied, (ii) Rural Development consents to the
				proposed Transfer, and (iii) when the Owner of the Qualified Rural Development
				Preservation Project changes, the new Owner executes and delivers a written
				assumption of all of the MaineHousing obligations in connection with the
				Qualified Rural Development Preservation Project.