Section 7.323. Housing related bonds

An amount equal to $150 million shall be allocated for housing related bonds; including qualified residential rental projects and qualified mortgage bonds as defined by sections 142(d) and 143(a) of the Internal Revenue Code (26 U.S.C.A. § § 142(d) and 143(a)) to be amended by the Tax Reform Act of 1986. Requests to apply the housing related bond allocation to specific projects or uses, including mortgage credit certificate programs, will be reviewed and may be approved or disapproved by the Board of the Pennsylvania Housing Finance Agency. Applications for housing related bond allocations shall be made to the Acting Executive Director of the Housing Finance Agency. A specific project or use granted a standby allocation for housing related bonds under section 3 of Executive Order 1986-3 (16 Pa.B. 2277) (June 28, 1986) and for which bonds sold will be subject to the volume cap proposed by the Tax Reform Act of 1986 shall receive an allocation under this section subject to the same terms and limitations as imposed under Executive Order 1986-3.

The provisions of this § 7.323 amended by Executive Order 1986-5, dated October 17, 1986, effective October 18, 1986, 16 Pa.B. 3920. Immediately preceding text appears at serial page (109821).

Notation

Cross References

This section cited in 4 Pa. Code § 7.325 (relating to reallocations).