Sec.10-416b-12. Recapture of tax credit voucher

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(a) If the residential portion of a mixed residential and nonresidential rehabilitation is not completed within the scheduled timeframe as provided in section 10-416b-5 (b) (1) of the Regulations of Connecticut State Agencies the owner shall recapture one hundred percent of the tax credit voucher.
(b) The department, at its discretion, may provide an extension of time for completion of a residential portion of the rehabilitation plan, but in no event shall such extension be more than three years.
(c) If the owner fails to complete the residential portion of the building within the allotted timeframe, the department shall notify the Department of Revenue Services of the owner's default.

(Effective September 17, 2012)

                    
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