WSR 08-18-075



[ Filed September 2, 2008, 3:38 p.m. ]

Subject of Possible Rule Making: Amendment to existing rules governing the allocation of low-income housing tax credits to conform to changes to Section 42 of the Internal Revenue Code of 1986, as amended.

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 criteria for the commission's allocation of low-income housing tax credits. The commission must adopt amendments to the existing 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 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 December 17, 2008. These comments will be considered by the commission at its December 18, 2008, meeting. Thereafter, the commission will proceed with rule making. Contact Mr. Steve Walker, Director, Tax Credit Division, Washington State Housing Finance Commission, 1000 Second Avenue, Suite 2700, Seattle, WA 98104-1046, phone (206) 287-4467, fax (206) 587-5113.

September 3 [2], 2008

Steve Walker, Director

Tax Credit Division

Washington State Code Reviser's Office