WSR 01-03-144



[ Filed January 24, 2001, 9:39 a.m. ]

Subject of Possible Rule Making: WAC 262-01-110 to 262-01-130, providing procedures pursuant to which the commission will allocate or award tax credits.

Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 43.180 RCW.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The existing rules establish the parameters of the commission's tax credit allocation. The commission must adopt new rules to reflect changes in Section 42 of the Internal Revenue Code of 1986, as amended, which authorizes tax credits for the construction, acquisition or rehabilitation of residential rental projects meeting the requirements of the code.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

Process for Developing New Rule: The commission will request written comments from persons who may be interested in the development of rules concerning its tax credit program. Comments received will be considered by the commission before the final rules are published pursuant to a formal notice.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. Written comments must be received by April 25, 2001. These comments will be considered by the commission at its April 26, 2001, meeting. Thereafter, the commission will proceed with rule making. Contact Ms. Margaret Sevy, Director, Tax Credit Division, Washington State Housing Finance Commission, 1000 Second Avenue, Suite 2700, Seattle, WA 98104-1046, phone (206) 464-7139, fax (206) 587-5113.

January 23, 2001

Paul Edwards

Deputy Director

Washington State Code Reviser's Office