The Finance Authority of Maine ("FAME") is pleased to announce that tax credit authority under the Maine New Markets Capital Investment Program (the "Program") will be made available to qualified community development entities, commencing May 2, 2016.
Previously allocated tax credit authority corresponding to $55,710,559.88 of qualified equity investments, has lapsed under 10 MRSA §1100-Z(3)(F), and is available for reallocation.
Qualified community development entities that are interested in being awarded reallocated tax credit authority under the Program are instructed to file an Allocation Application with required attachments and the required $1,000.00 Allocation Application Fee, with the Authority on or after May 2, 2016, via hand-delivery, mail, express mail, courier or electronic means, provided, however, that the Applicant is responsible for ensuring receipt of the Application by FAME. Any Allocation Application received prior to May 2, 2016 shall be deemed received on May 2, 2016.
Completed Allocation Applications will be processed in the order received, with those received on the same date to be treated as received simultaneously. Allocation authority will be awarded on a first-come, first-served basis, with available tax credit authority pro-rated among approved applications received on the same date to the extent insufficient amounts of authority remain to make full awards on such date.
The Allocation Application can be downloaded at:
http://www.famemaine.com/business/programs/equity-capital/maine-new-markets-investment-program/
Program terms and conditions, including eligibility requirements, are found at 10 MRSA §1100-Z, 36 MRSA §5219-HH; and Chapter 325 of the Rules of the Finance Authority of Maine.
For additional information, please contact FAME General Counsel Christopher Roney at (207) 620-3520 or at croney@famemaine.com
March 24, 2016
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