135.362. Eligibility statement, low-income housing credit, not applicable, when. - Missouri Statutes

Eligibility statement, low-income housing credit, not applicable,when.

135.362. 1. The provisions of subdivision (3) of section135.350 shall not apply to any qualified Missouri project:

(1) With respect to which a loan is made or insured underTitle V of the U.S. Housing Act of 1949; or

(2) In which at least ten percent of the total reasonablyexpected basis in such project was incurred by the project ownerprior to June 18, 1991, and such project is placed in service nolater than December 31, 1993.

2. Qualified Missouri projects described in subdivisions(1) and (2) of subsection 1 of this section shall continue to begoverned by the provisions of subdivision (2) of section 135.350in effect prior to June 18, 1991.

(L. 1991 S.B. 185 § A § 1, A.L. 1993 H.B. 566)