State housing credit ceiling allocation.

1. The authority is designated the housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling. 2. The authority shall adopt a qualified allocation plan that satisfies the requirements of section 42 of the Internal Revenue Code . The authority may revise the qualified allocation plan provided the revision satisfies the requirements of section 42 of the Internal Revenue Code . When adopting the qualified allocation plan, the authority shall specify the selection criteria, the application procedure, and the allocation of low-income housing credits under the state housing credit ceiling. The selection criteria described in the qualified allocation plan shall include all of the following: a. The selection criteria described in section 42 of the Internal Revenue Code . b. The statutory preferences described in section 42 of the Internal Revenue Code . c. The economic feasibility of the proposed project. d. The ability of the applicant to complete the project in a timely manner. 2014 Acts, ch 1080, §36, 78 ; 2024 Acts, ch 1022, §2, 3