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This entry was published on 2014-09-22
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SECTION 209
Determination of development cost
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 6
§ 209. Determination of development cost. 1. Upon the completion of a
development a redevelopment corporation shall, or upon the completion of
a principal part of a development a redevelopment corporation may, file
with the supervising agency an audited statement of the development cost
thereof. Within a reasonable time after the filing of such statement,
the supervising agency shall determine the development cost applicable
to the development or such portion thereof and shall issue to the
redevelopment corporation a certificate stating the amount thereof as so
determined.

2. A redevelopment corporation may, at any time, whether prior or
subsequent to the undertaking of any contract or expense, apply to the
supervising agency for a ruling as to whether any particular item of
cost therein may be included in development cost when finally determined
by the supervising agency, and the amount thereof. The supervising
agency shall, within a reasonable time after such application, render a
ruling thereon, and in the event that it shall be ruled that any item of
cost may be included in development cost, the amount thereof as so
determined shall be so included in development cost when finally
determined.