Ala. Admin. Code r. 460-X-25-.15

Current through Register Vol. 43, No. 1, October 31, 2024

Section 460-X-25-.15 - [Effective 12/15/2024] Project Commencement And Completion

(1) Applicants shall commence their plan of work and shall have spent no less than twenty percent (20%) of the estimated cost of rehabilitation within eighteen (18) months of the date of issuance of written notice of a Tax Credit Allocation Reservation ("anniversary"). Within 36 months of the anniversary, the Applicant must have incurred an additional fifty percent (50%) of the estimated cost of rehabilitation provided in the Application. The Applicant must submit evidence of compliance to the Commission in writing no later than thirty (30) calendar days after the eighteen (18) month anniversary that twenty percent (20%) of the estimated cost of rehabilitation was expended and after the thirty-six (36) month anniversary that seventy percent (70%) of the estimated cost of rehabilitation was expended. Failure to so notify the Commission will terminate the Project and the Tax Credit Allocation Reservation will be rescinded. The Applicant may re-apply for the Program, but the Application will be considered a new Application. Within sixty (60) months of the anniversary, the project must be complete, and the Applicant must submit the Part C Application as notification to the Commission that the project is complete.

(2) A Project's completion will be the date that it is placed in service in accordance with this Program. The completion date must occur within sixty (60) months of the Tax Credit Allocation Reservation, and progress reports of required expenditure benchmarks must be provided to the Commission. The Applicant shall submit Part C of the Application with the appropriate Cost and Expense Certification and post-rehabilitation Appraisal within a reasonable time after completion. Failure to do so may result in rescission of the Tax Credit Allocation Reservation.

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 11, August 31, 2017, eff. 9/24/2017.

Amended by Alabama Administrative Monthly Volume XL, Issue No. 03, December 30, 2021, eff. 2/13/2022.

Amended by Alabama Administrative Monthly Volume XLIII, Issue No. 01, October 31, 2024, eff. 12/15/2024.

Author: Chloe Mercer; Lee Anne Hewett

Statutory Authority: Act 2017-380; Act 2021-431; Act 2023-522.