NAC319.974. Application: Submission; grounds for rejection; review and retention of rejected applications; subsequent reservation rounds.

     1. An application for tax credits, an additional copy of the application and the appropriate fees established in the annual plan must be received by the Division before 5 p.m. on the date specified in the annual plan for the submission of applications. The application must be:

     (a) Completed by the applicant;

     (b) Signed in all places where signatures are required; and

     (c) Accompanied by any documents required in the application and instructions for the application.

Ê Except as otherwise provided in subsection 3, the Division will not accept an application, document or fee if the application, document or fee is received by the Division after the date specified in the annual plan for the receipt thereof. If a fee for an application is paid by check on or before the date the fee is required to be paid and the check is dishonored, the Division will reject the application for which the fee was submitted.

     2. If the United States Department of Housing and Urban Development conducts a review of a project to determine the amount of subsidies the applicant or project sponsor is receiving for the project from sources other than tax credits awarded pursuant to the Code and NAC 319.951 to 319.999, inclusive, the applicant shall provide a copy of the review with the application. If a copy of the review is not included with the application, the Division will reject the application.

     3. If any required information or documents are not included in an application or if further documentation or clarification is required by the Division to complete a review of an application, the Division will notify the applicant. The information or documentation requested by the Division in the notice must be submitted within 5 days after the date of the notice. Except as otherwise provided in this subsection, if the information or documentation is not received within that period, the Division will reject the application. If the requested documentation relates to preference points, the preference points will not be awarded.

     4. The Division may reject an application if:

     (a) It determines that the project for which the application is submitted does not comply with the requirements for an award of tax credits;

     (b) The amount of tax credits requested or required for the project exceeds the maximum amount of tax credits established pursuant to NAC 319.992; or

     (c) The applicant or any person who controls the applicant, including a general partner, shareholder or member who controls or owns an interest in the applicant of 25 percent or more, controlled a person of a previous applicant or project sponsor who:

          (1) Failed to complete a project in accordance with the application approved by the Division;

          (2) Within the 2 years immediately preceding the year in which the application is submitted, made a material misrepresentation to the Division concerning tax credits; or

          (3) Has, as determined by the Division, knowingly and materially failed to comply with the Code or a declaration of restrictive covenants and conditions concerning a project.

     5. If an application is rejected, the applicant may request a review of the application by the Administrator pursuant to the provisions of NAC 319.984.

     6. The Division will retain all rejected applications. Completed applications, supporting documents and any communication with the Division concerning those applications and documents, other than the financial statements of a natural person, are public records and will be made available by the Division for inspection and copying in accordance with the provisions of chapter 239 of NRS.

     7. If all tax credits are not reserved during a reservation round and the Division initiates subsequent rounds, the Division will notify each applicant who did not receive tax credits during the previous round and allow him or her to resubmit an application. If an application was rejected in a previous round or must be changed upon resubmission, the application must be accompanied by a resubmission fee as provided in the annual plan. If time allows, the Division may accept new applications for a subsequent round. If any tax credits are subject to forfeiture or any other loss if not reserved during the plan year, the Division may reduce the period for submission of applications and the period for analysis and review of the applications to ensure that those tax credits are awarded not later than the end of the plan year.

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