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under section 1892 for those properties minus the costs of | | administering this chapter, and certify the net amount due the | | municipality to the county treasurer.__Each county treasurer shall, | | on or before the 10th day of each month, pay over to each | | municipality that municipality's share of the tax collected | | pursuant to this chapter for the previous month.__If the tax | | collected is not paid over by the 10th day of the month, the | | municipality may impose interest pursuant to section 186. The | | amount subtracted for the administration of this section may not | | exceed 2% of the total taxes collected. |
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| | | §1894.__Use of revenue for affordable housing |
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| | | Funds received pursuant to section 1893 by a participating | | municipality must be managed as prescribed in this section. |
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| | | 1.__Use for development of affordable housing.__Each | | participating municipality shall deposit the revenue received | | pursuant to section 1893 in a segregated account.__Funds within | | the segregated account must be disbursed to: |
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| | | A.__A housing authority within the municipality; |
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| | | B.__A nonprofit housing trust or nonprofit housing | | corporation located in the municipality that is organized in | | this State under Title 13-B and that qualifies for the tax | | exemption under 26 United States Code, Section 501(c); or |
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| | | C.__A nonprofit organization established for the purpose of | | building, buying or developing affordable rental and owner- | | occupied housing in the municipality for eligible | | individuals or families. |
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| | | If the municipality does not have any of the organizations listed | | in paragraphs A, B and C, then the municipality shall transfer | | all funds received pursuant to section 1893 to the Maine State | | Housing Authority. |
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| | | 2.__Requirements of housing organization.__The organization | | receiving funds pursuant to subsection 1, paragraph A, B or C | | shall develop affordable housing in the municipality from which | | the funds were received.__At least 30% of the housing developed | | pursuant to this subsection must be considered affordable | | housing, as determined by the Maine State Housing Authority.__The | | organization shall maintain equity in the affordable housing at a | | rate set by the organization and shall include in the deed to the | | affordable housing the right of first refusal. |
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| | | 3. Prohibited use.__A municipality shall determine its annual | | budget and assessment without consideration of the amount |
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