NAC319.967. Compliance with qualified allocation plan; action or statement by Division not implied or express representation or warranty of financial feasibility.

     1. Each applicant and project sponsor shall comply with the provisions of the qualified allocation plan. If a provision in the qualified allocation plan conflicts with a provision of the Code, the applicant or project sponsor shall comply with the provision of the Code. Such a conflict occurs if the application or enforcement of a provision in the qualified allocation plan or compliance manual renders a project ineligible for tax credits or disqualifies the qualified allocation plan pursuant to the Code.

     2. An action or statement made by the Division, including any financial analysis, issuance of reservation letters and final award of tax credits, must not be interpreted or relied on as an implied or express representation or warranty by the Division that the project sponsor or project is financially feasible or is in compliance with any provision of the Code or any other statute, regulation or rule concerning the project. A determination of financial feasibility and compliance is the sole responsibility of each applicant and project sponsor.

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