Prerequisites to Claiming Credit

When Massachusetts standard LIHTC is allocated with respect to a qualified Massachusetts project, such credit may not be claimed by any taxpayer with respect to any building in such project unless and until: (1) all buildings in such project have been placed in service; and (2) the project has met the minimum set-aside and occupancy requirements of Section 42(g) of the Code. Before the end of the first taxable year in which standard LIHTC is claimed, the taxpayer must record a regulatory agreement in a form prescribed by the department with respect to such project. In the case of a donation LIHTC, a regulatory agreement in a form prescribed by the department must be recorded at the time of the qualified donation.