Subchapter AA. STATE HOUSING CREDIT AGENCY
Sec.
7.381. Designation of State housing credit agency.
7.382. Allocation of State housing credit authority.
7.383. Allocation procedure.
Source The provisions of this Subchapter AA adopted by Executive Order No. 1987-9, dated April 22, 1987, 17 Pa.B. 1802, unless otherwise noted.
§ 7.381. Designation of State housing credit agency.
The Housing Finance Agency is hereby designated the housing credit agency for the Commonwealth for purposes of carrying out the provisions of section 42 of the Internal Revenue Code of 1986 (26 U.S.C.A. § 42) and regulations thereunder.
§ 7.382. Allocation of State housing credit authority.
The State housing credit authority for calendar year 1987 and each succeeding calendar year shall be allocated to the Housing Finance Agency.
§ 7.383. Allocation procedure.
Requests to apply the housing credit authority shall be submitted to the Housing Finance Agency and will be reviewed by and subject to the approval of the Agency in accordance with a low-income housing tax credit program to be established by the Board of Directors of the Housing Finance Agency. Allocations shall be made by the Housing Finance Agency to maximize the use of the Statehousing credit ceiling and to promote the objectives of affordable housing throughout the Commonwealth, and other objectives of the Housing Finance Agency Law (35 P. S. § § 1680.101—1680.603a).
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