NAC319.978. Final determination of reservation of tax credits; written notice to applicant; change in status of applicant; liability of Division.

     1. Upon completion of the review of an application conducted pursuant to NAC 319.984, the Administrator will make a final determination concerning the reservation of tax credits. After making the final determination, the Administrator will notify each applicant, in writing, of the amount of tax credits, if any, that have been reserved for his or her project.

     2. A reservation of tax credits becomes final after each applicant is notified pursuant to subsection 1. Any fees charged to the applicant by the Division for reserving tax credits are due upon receipt of the notice. No further review or appeals concerning the reservation of tax credits will be conducted by the Administrator.

     3. A reservation of tax credits is a commitment to hold the reserved tax credits available for final award to a project until the reservation is terminated or a final award of tax credits is made. A reservation of tax credits is applicable only to the project for which those credits are reserved and may not be transferred to any other project.

     4. Any change in the status of the applicant or project sponsor must be reviewed and approved by the Division. Such a change includes, but is not limited to:

     (a) A change in any proprietor, joint venturer, general partner, member or any shareholder who owns more than 25 percent of the outstanding stock of the applicant or project sponsor; and

     (b) Any dissolution, winding up of affairs, sale of assets, merger or business combination of any applicant or project sponsor.

     5. Any change in the specifications or finances of a project must be approved by the Division.

     6. If any change specified in subsection 4 or 5 occurs, the Division may require the applicant to submit a new application with the appropriate application fee.

     7. An officer, employee or agent of the Division is not personally liable concerning any reservation or allocation of tax credits made pursuant to the provisions of NAC 319.951 to 319.999, inclusive.

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