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Please be advised that the Rules & Regulations for the Historic (CHAP) Tax Credit have recently been updated and published. The newest version of the Rules and Regulations can be found on the Department of Finance’s Tax Credit Page, on the Tax Credit Application website, and on the CHAP website. Users should read this document carefully. Some of the key updates and their location in the Rules and Regulations are listed below.
- All assessment appeals must be completed before an application can be submitted. (see Section 4.1)
- All subdivisions and consolidations must be completed prior to the submission of an application. (see Section 4.1)
- All applications have 180 days from the date of submission to receive Preliminary Certification. (see Section 4.1)
- All applications have 180 days from the date of submission for Final Certification to receive Final Certification. (see Section 5.1.7)
- All appraisals must now be obtained from private appraisers that are Certified Appraisers in good standing. (see Section 7.3.2)
- All Final Appraisals must be completed within 90 days of the issuance of a Final Use and Occupancy Permit or last permit issued if a U&O is not required. (see Section 7.3.2)
- A list of work that may be approved by CHAP prior to the issuance of Preliminary Approval. (see Section 4.1)
- Clarification that final submissions must be complete, no placeholder documents will be accepted. (see Section 5.1.5)
- Clarification that all applications for projects under $3.5 million will automatically expire 2 years from the date of preliminary approval without an extension, and 4 years from the date of preliminary certification if an extension has been granted. (see Section 4.5.1)
- Clarification that all applications for projects over $3.5 million will automatically expire after 3 years from the date of preliminary approval without an extension and 6 years with an extension. (see Section 4.5.2)
The updated Rules & Regulations can be found here at here.
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