(b) In calendar year 2028 and each subsequent calendar year, a transit-oriented community, as defined in section 29-35-202 (11), that has both submitted the housing opportunity goal report described in section 29-35-204 (10) to the division and had the division confirm that the transit-oriented community has met its housing opportunity goal.
(5) Compliance period means the period of fifteen years beginning with the first taxable year of a credit period.
(6) Credit means the Colorado transit-oriented community housing income tax credit allowed pursuant to this part 55.
(7) Credit period means the period of five income tax years beginning with the income tax year in which a qualified development is placed in service. If a qualified development is comprised of more than one building, the development is deemed to be placed in service in the income tax year during which the last building of the qualified development is placed in service.
(8) Department means the department of revenue.
(9) Division means the division of local government of the department of local affairs created in section 24-32-103.
(10) Federal tax credit means the federal low-income housing tax credit provided by section 42 of the internal revenue code.
(11) Metropolitan planning organization has the same meaning as set forth in section 29-35-103 (12).
(12) Neighborhood center has the same meaning as set forth in section 29-35-202 (5).
(13) Qualified basis means the qualified basis of the development as determined pursuant to section 42 of the internal revenue code.
(14) Qualified development means a qualified low-income housing project, as that term is defined in section 42 of the internal revenue code, that is:
(a) Located in Colorado;
(b) Determined by the authority to be eligible for a federal tax credit whether or not a federal tax credit is allocated with respect to said development; and
