Request for Change of Ownership

IRC Section 42(m)(1)(B)(ii)(II) requires that state agencies, in the QAP, "give preference in allocating housing credit dollar amounts among selected projects to projects obligated to serve qualified tenants for the longest periods" and Section 42(m)(1)(B)(iii) requires the QAP to "provide a procedure that the agency will follow in monitoring for noncompliance with the provisions of this section." The IRC also allows state agencies to add additional requirements above and beyond the Code in keeping with their mission. Housing New Mexico has documented requirements for transfers in the LURA, which includes that “the Project Owner is in compliance with the requirements of [the LURA] and of Section 42(j)(6) of the Code;” and that “the proposed transferee of the project evidences, to the reasonable satisfaction of Housing New Mexico | MFA, by its performance with respect to other tax credits or government-assisted housing projects and otherwise, its willingness and ability to comply with the terms of [the LURA].” Housing New Mexico’s ownership change policy, of which this application process is a product, is an expansion of these requirements.