There is a Historic Revitalization Tax Credit Program in the Trust that includes three separate tax credits for certified rehabilitations known as: The Homeowner Tax Credit; The Small Commercial Tax Credit; and The Competitive Commercial Tax Credit. To claim a Historic Revitalization Tax Credit, a business entity or individual shall: Own or have site control of a certified historic structure as determined by the Part 1 application process under Regulation .04 of this chapter; Have an approved Part 2 application under Regulation .05 of this chapter for the rehabilitation of the certified historic structure; and Have the completed rehabilitation approved as a certified rehabilitation by the Part 3 application process under Regulation .06 of this chapter. The Homeowner Tax Credit. A rehabilitation will qualify as a certified rehabilitation eligible for the Homeowner Tax Credit if: The rehabilitation is of a certified historic structure that is a single-family, owner-occupied residence; The rehabilitation includes only qualified rehabilitation expenditures; and During a continuous 24-month period selected by the applicant that ends during the taxable year in which the applicant claims the tax credit, the qualified rehabilitation expenditures exceed $5,000. The Homeowner Tax Credit shall equal the lesser of: 20 percent of the qualified rehabilitation expenditures incurred by the applicant; or $50,000. The Homeowner Tax Credit may be claimed only for the taxable year during which the certified rehabilitation was completed. The Small Commercial Tax Credit. A rehabilitation will qualify as a certified rehabilitation eligible for the Small Commercial Tax Credit if: The rehabilitation is of a certified historic structure; The rehabilitation includes only qualified rehabilitation expenditures; The qualified rehabilitation expenditures do not exceed $500,000; The structure: Is, immediately following completion of the rehabilitation, primarily used for commercial, income-producing purposes; After completion of the rehabilitation, is a residential unit located within a consecutive series of similar residential units that are arranged side by side in a row and has been sold by a developer who undertook the rehabilitation to an individual or individuals for residential use; Is either an agricultural structure or a post-World War II structure; or Is a condominium or cooperative project and the rehabilitation impacts only common elements of the condominium or cooperative project; and During a continuous 24-month period selected by the applicant that ends during the taxable year in which the applicant claims the tax credit, the qualified rehabilitation expenditures exceed $5,000. The Small Commercial Tax Credit: Shall equal the sum of: The lesser of 20 percent of the qualified rehabilitation expenditures either incurred by the applicant or as identified in the Part 2 application for the rehabilitation; and If applied for in the Part 2 application, an additional 5 percent of those qualified rehabilitation expenditures if the certified rehabilitation results in a project that qualifies as a level 1 opportunity zone project or an additional 7.5 percent of the qualified rehabilitation expenditures if the certified rehabilitation results in a project that qualifies as a level 2 opportunity zone project; and May not exceed: $50,000 for a project other than a project that qualifies as either a level 1 or level 2 opportunity zone project; $55,000 for a project that qualifies as a level 1 opportunity zone project; or $60,000 for a project that qualifies as a level 2 opportunity zone project. The Small Commercial Tax Credit may be claimed only for the taxable year during which the certified rehabilitation was completed. The Competitive Commercial Tax Credit. A rehabilitation will qualify as a certified rehabilitation for the Competitive Commercial Tax Credit if: The rehabilitation is to a certified historic structure; The rehabilitation includes only qualified rehabilitation expenditures; The plans for rehabilitation are ranked competitively and qualify for an award of available tax credits as determined by the Director under Regulation .05 of this chapter; During a continuous 24-month period selected by the applicant that ends during the taxable year in which the applicant claims the tax credit, the qualified rehabilitation expenditures exceed the greater of: The adjusted basis of the certified historic structure, as determined under the provisions of Tax-General Article, Annotated Code of Maryland; or $25,000; and A sign or marker is located on the property either external or internal to the certified historic structure that identifies the certified historic structure as having been rehabilitated with funds provided by the Program. The Commercial Tax Credit shall equal the sum of: The lesser of 20 percent of the qualified rehabilitation expenditures either incurred by the applicant or as identified in the Part 2 application for the rehabilitation; and If applied for in the Part 2 application: 5 percent of those qualified rehabilitation expenditures if the certified rehabilitation results in a high performance building, a project that qualifies as affordable housing, or a project that qualifies as a level 1 opportunity zone project; or 7.5 percent of the qualified rehabilitation expenditures if the certified rehabilitation results in a project that qualifies as a level 2 opportunity zone project. The Commercial Tax Credit may not exceed the lesser of: $5,000,000 for any project that does not qualify as either a level 1 or level 2 opportunity zone project; $5,250,000 for a project that qualifies as a level 1 opportunity zone project; $5,500,000 for a project that qualifies as a level 2 opportunity zone project; or The maximum amount specified under the initial credit certificate awarded to a competitive Commercial Tax Credit Project.