(c) As used in this subsection (9), rural resort county means any county classified as a rural resort county by the division of housing in the department of local affairs as specified in the final report of the Colorado strategic housing working group, dated July 6, 2021, including updates and modifications to the initial classification of a county.
(10) Owner means the owner of a qualified development.
(11) (a) Qualified basis means the amount that equals the adjusted basis of the qualified development as of the close of the first taxable year of the credit period multiplied by the applicable fraction.
(b) As used in this subsection (11), adjusted basis means the adjusted basis amount calculated according to the allocation plan.
(c) As used in this subsection (11), applicable fraction means the fraction that has as its numerator the number of middle-income housing units in the qualified development and as its denominator the number of residential units in the qualified development.
(12) Qualified development means a housing development that is located in the state and is determined by the authority to meet the criteria established in the allocation plan, including providing the required number of middle-income housing units.
(13) Qualified taxpayer means an individual, person, firm, corporation, or other entity that owns an interest, direct or indirect, in a qualified development and that is subject to the taxes imposed by this article 22.
(14) (a) Rent restricted means a residential unit in a qualified development for which the gross rent does not exceed thirty percent of the imputed income limitation applicable to the unit.
(b) As used in this subsection (14), imputed income limitation applicable to the unit means the income limitation for occupants of the unit calculated based on the number of bedrooms in the unit and using the area median income target elected by the owner, as follows:
(I) In the case of a unit without a separate bedroom, one individual; or
(II) In the case of a unit with one or more separate bedrooms, one and one-half individuals for each separate bedroom.
