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(a) General rule. — Subject to the provisions of this chapter and the regulations promulgated thereunder and with the exception of the provisions of subsection (b) of this section, every owner of a rental housing project may qualify for a tax credit of fifty cents ($.50) for each dollar ($1.00) of eligible investment used in the new construction or substantial rehabilitation of housing units to be rented to low or moderate income families.(b) Other tax benefits. — This credit shall not apply nor be available to any owner whose housing project receives or has received any other tax benefit under other laws or regulations of the Commonwealth of Puerto Rico that may use, or has used them against the investment in new construction or substantial rehabilitation of rental housing units for low or moderate income families requested under this chapter, with the exception of §§ 891 et seq. of Title 17, known as the 'Public and Private Sector Co-Partnership for the New Housing Operation Act'. The tax credits granted under this chapter may be combined with any other tax benefit pursuant to the laws and regulations of programs of the Government of the United States of America, including the

The tax credits granted under this chapter may be combined with any other tax benefit pursuant to the laws and regulations of programs of the Government of the United States of America, including the Low Income Housing Tax Credit Program under Section 42 of the United States Internal Revenue Code.In the case of a project for which tax benefits are received under the Low Income Housing Tax Credit Program, provided in Section 42 of the United States Internal Revenue Code, the amount of tax credit for every dollar of eligible investment shall be that which is necessary to cover the project financing gap, up to a maximum of ninety percent (90%) of the total eligible cost.The Executive Director shall specify, through regulations, the terms under which the provisions of this chapter may be combined with the provisions of other tax benefit programs for low or moderate income housing. History —Oct. 4, 2001, No. 140, § 3; Aug. 13, 2008, No. 261, § 2.