KRS 198A.055: Administration of certified rehabilitation tax credit -- Administrative

regulations.

(1) The corporation shall work with the Kentucky Heritage Council to administer the

certified rehabilitation credit permitted by KRS 171.398.

(2) For commercial residential property that is granted credit based on thirty percent

(30%) of qualified rehabilitation expenses for providing housing that is affordable

to households earning eighty percent (80%) or less of the median family income,

the corporation shall e nsure that the commercial residential property remain

compliant with this requirement for a minimum of five (5) years within the

completion of the certified rehabilitation.

(3) The corporation, in conjunction with the Kentucky Heritage Council and the

Department of Revenue, may promulgate administrative regulations in accordance

with KRS Chapter 13A to establish policies and procedures to ensure compliance

with this section.