NAC319.980. Carryover of reserved tax credits; written request; report of compliance with certain provisions of Code; limitation on carryover.

     1. If a final award of tax credits is not made by the end of a calendar year, any reserved amount of those credits may be carried over to the next year in accordance with the provisions of the Code and NAC 319.951 to 319.999, inclusive.

     2. If an applicant wishes to carry over any reserved tax credits, the Division must receive, not later than the date set forth in the written notification of a reservation of tax credits provided to the applicant by the Division:

     (a) A written statement from the applicant requesting that the tax credits be carried over with the appropriate fees; and

     (b) The report specified in subsection 3.

Ê The Division will not grant an extension of time for the submission of the statement.

     3. A project sponsor must submit a report by a certified public accountant on a form approved by the Division. The accountant must attest in the report that the tax credits carried over comply with the provisions of section 42(h)(1)(D), (E) and (F) of the Code.

     4. Unless otherwise provided in the annual plan:

     (a) A declaration of restrictive covenants and conditions will be prepared for the project and recorded at the time the tax credits are carried over.

     (b) The Division will not carry over any tax credits pursuant to this section unless the property for the proposed project is zoned for multifamily units and for projects that are the size of the proposed project. If a special use permit is required for the proposed project, the Division may carry over the tax credits regardless of whether the applicant obtains a special use permit.

     (Added to NAC by Housing Div. by R057-97, eff. 1-15-98)