Carryover Allocation definition

Carryover Allocation means an Allocation made to the Project if the Project will not be Placed in Service by close of the calendar year of the Allocation.
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Carryover Allocation means the provision under Section 42 of the Code which allows a Project, under certain conditions allowed by Section 42 of the Code, to receive a Tax Credit allocation in a given calendar year and to be Placed In Service within a period of two calendar years after the calendar year in which the Applicant qualifies for a Carryover Allocation. The Carryover Allocation is MFA’s Binding Commitment for Tax Credits.
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Carryover Allocation means the Allocation for a Project which is not expected to be Placed in Service in the year of the initial Allocation, made pursuant to the provisions of Section 42(h)(1)(E) of the Code.
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Examples of Carryover Allocation in a sentence

  • The Carryover Allocation Agreement provides a space for such designation.

  • An exception is provided in the case where the Owner has expended more than ten percent (10%) of the reasonably expected basis in the building (the “Ten Percent Test”) no later than twelve (12) months after the Carryover Allocation.

  • Upon notification, the Housing Credit referred to in the Carryover Allocation Agreement are not available for the development and will be made available to other qualified developments.

  • The Carryover Allocation provides a space for such election.For Bond Developments, the applicable credit percentage is established at either (i) the month in which the building is placed in service, or (ii) at the election of the taxpayer, the month in which the bonds are issued.

  • The amount of Housing Credit allocated to a development at placed in service may be less than, but will not be more than, the amount reserved in the Reservation Notice or the amount allocated in the Carryover Allocation Agreement.


More Definitions of Carryover Allocation

Carryover Allocation means, an Allocation which is made with respect to a Building or Development pursuant to Code Section 42(h)(1)(E) and/or Code Section 42(h)(1)(F), as the case may be, and in conformance with IRS Notice 89-1 and Treasury Regulation Section 1.42-6.
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Carryover Allocation means the Allocation of a portion of the
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Carryover Allocation means the Allocation for a Project which is not expected to be
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Carryover Allocation. N/A 1. Date: N/A 2. Credit Amount Allocated: N/A
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Carryover Allocation means the Allocation for a Project which is not
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Carryover Allocation means a conditional allocation of HCs based upon an MBOH Carryover determination, which allocation is conditional upon the Applicant performing all conditions and requirements for Final Allocation as set forth in the Applicable QAP, the Carryover Allocation document issued by MBOH and applicable law.
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Carryover Allocation means an allocation of LIHTCs that is made with respect to a project pursuant to IRC Section 42(h)(1)(E) and/or IRC Section 42(h)(1)(F), and in conformity with IRS Notice 89-1 and Treasury Regulations Section 1.42-6. OHCS issues a carryover allocation when a project will not be placed in service by close of the calendar year of the allocation but has incurred more than 10% of its anticipated costs within the calendar year in which the allocation was received or six (6) months after the date of the carryover.¶
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