NAC319.977. Application: Tentative ranking; proposed reservation of tax credits; request for review by Administrator; proposed reservation subject to change.

     1. Upon completion of the review of an application for tax credits, the Division will:

     (a) Make any appropriate changes to the application;

     (b) Tentatively rank the application; and

     (c) Establish proposed reservations of tax credits for projects from the apportionment accounts.

     2. The Division will notify each applicant of the proposed reservations of tax credits. An applicant may request a review by the Administrator of the proposed reservation of tax credits for the project pursuant to NAC 319.984. An applicant may discuss the proposed reservation with a member of the staff of the Division who may extend the date for requesting a review. Such an extension must be in writing.

     3. An applicant may not rely on a proposed reservation of tax credits as creating an obligation by the Division to reserve or award the amount of tax credits specified in the notice provided to the applicant pursuant to subsection 2. The Division may change any proposed reservation of tax credits or reject an application at any time.

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