Carryover Allocation Agreement definition

Carryover Allocation Agreement means the contract between Owner and OHFA, authorized and approved by the Trustees. A Carryover Allocation is made pursuant to Code Section 42(h)(1)(E) and/or Code Section 42(h)(1)(F), IRS Notice 89-1 and Treasury Regulation Section 1.42-6.
View Source
Carryover Allocation Agreement means the contract between Taxpayer and OHFA, authorized and approved by the Trustees, wherein subject to the satisfaction by Taxpayer of the terms, conditions, obligations and restrictions contained therein or in any Resolution of the Trustees, a Carryover Allocation is made pursuant to Code Section 42(h)(1)(E) and/or Code Section 42(h)(1)(F), IRS Notice 89-1 and Treasury Regulation Section 1.42-6.
View Source
Carryover Allocation Agreement means the agreement evidencing the allocation of Tax Credits in the amount set forth in Exhibit A-2 for the Project made by the State Agency pursuant to Section 42(h)(1)(E) of the Code.
View Source

Examples of Carryover Allocation Agreement in a sentence

  • If this box is checked, the Owner hereby irrevocably elects, pursuant to Section 42(b)(2)(A)(ii)(I) of the Code, to fix the Applicable Percentage(s) for each building in the Project as the percentage(s) prescribed by the Secretary of the Treasury for the month of this Carryover Allocation Agreement.

  • A [2009/2008] Low-Income Housing Tax Credit Carryover Allocation Agreement for the Development has been executed.

  • A [2007/2008/2009] Low-Income Housing Tax Credit Carryover Allocation Agreement for the Development has been executed.

  • The Owner hereby irrevocably elects, pursuant to Section 42(b)(1)(A)(ii)(I) of the Code, to fix the applicable credit percentage for the Development as the percentage prescribed by the Secretary of the Treasury for the month in which this Carryover Allocation Agreement was executed by BOTH the Owner and the Department.

  • Replacement Developer and Replacement Owner desire that NIFA approve a 2015 Carryover Allocation Agreement for the LIHTC and to issue the Carryover Allocation Agreement to the Replacement Owner.

  • Replacement Developer and Replacement Owner agree to be responsible for paying for the extension fee charged by NIFA for issuance of the Carryover Allocation Agreement after the November 1st deadline.

  • The Authority and the Owner acknowledge that this Carryover Allocation Agreement constitutes an agreement binding upon the Authority, the Owner, and all successors in interest to the Owner as owners of the Project, as to the allocation of {insert year} tax credits to the building(s) in the Project, subject to compliance by the Owner with the requirements of Section 42 of the Code and the additional requirements, if any of the Authority.

  • The Owner hereby certifies that no later than the date that is one year after the effective date of the Carryover Allocation, the Owner will have incurred expenditures amounting to more than 10% of $4,246,007,5 which is the Owner’s reasonably expected basis in the Development for purposes of Treasury Regulation 1.42-6.6 The effective date of the Allocation is the date this Carryover Allocation Agreement is executed by the Department.

  • The Authority and the Owner acknowledge that this Carryover Allocation Agreement constitutes an agreement binding upon the Authority, the Owner, and all successors in interest to the Owner as owners of the Project, as to the allocation of _________ {insert year} tax credits to the building(s) in the Project, subject to compliance by the Owner with the requirements of Section 42 of the Code and the additional requirements, if any of the Authority.

  • Upon receipt by NIFA of all documentation they require to issue the Carryover Allocation Agreement, NIFA agrees to issue a 2015 ▇▇▇▇▇▇▇▇▇ Allocation Agreement for the LIHTC to the Replacement Owner.