(a)(1) There is established a District of Columbia low-income housing tax credit. Subject to available funds, the Department may authorize annually under this chapter total tax credits equal to the credit ceiling allocated to the District of Columbia by the federal Internal Revenue Service in accordance with 26 U.S.C. § 42(h)(3)(c).

(2) For the pilot period, the Department shall make available $1 million in credits in tax year 2017.

(b) Unless otherwise provided in this section, the Department shall authorize, allocate, administer, and determine eligibility for the District of Columbia low-income housing tax credit and allocate the credit in accordance with the standards and requirements as set forth in section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year; provided, that the combined federal and District of Columbia low-income housing tax credit shall be the least amount necessary to ensure financial feasibility of a project.

(c) The Department shall allocate the total available District of Columbia low-income housing tax credit among as many qualified District of Columbia projects as fiscally feasible, with the goal of increasing the stock of affordable housing units.

(d) Only qualified projects are eligible for a District of Columbia low-income housing tax credit award.

(Feb. 26, 2015, D.C. Law 20-155, § 7142(b), 61 DCR 9990; Oct. 22, 2015, D.C. Law 21-36, § 7047, 62 DCR 10905; Oct. 8, 2016, D.C. Law 21-160, § 7132, 63 DCR 10775.)

The 2015 amendment by D.C. Law 21-36 substituted “tax year 2016” for “tax year 2015” in (a)(2).

For temporary (90 days) amendment of this section, see § 7017 of the Fiscal Year 2016 Budget Support Emergency Act of 2015 (D.C. Act 21-127, July 27, 2015, 62 DCR 10201).