D.C. Mun. Regs. tit. 10, r. 10-B3403

Current through Register Vol. 71, No. 44, November 1, 2024

Rule 10-B3403 - REVIEW OF APPLICATIONS

3403.1

At the end of an application acceptance period, all applications for tax credits submitted shall be reviewed by the Department for completeness and eligibility.

3403.2

The Department may, at its sole discretion, request additional information or clarification to complete its review of applications.

3403.3

The Department shall evaluate applications which meet the eligibility requirements of § 3402 of this chapter on the basis of how well applications meet selective criteria. Selective criteria which the Department may consider may include, but not be limited to the following:

(a) The location of project;

(b) The relation of project to other Community Development plans, objectives and priorities;

(c) The size and type of units set-aside for low income households;

(d) The number of units to be set-aside for low income households;

(e) Assurance that the project shall be undertaken and placed in service on a timely basis;

(f) Extent to which the project avoids or prevents displacements;

(g) The need for the tax credit, and the degree to which the tax credit will leverage additional low income units;

(h) The amount of other government funds required for the project; and

(i) The demonstrated capacity of the development entity to complete the project as planned.

3403.4

The Director shall select and approve projects for tax credit based on the evaluation of how well applications meet selective criteria. Applicants shall be notified in writing of the approval or rejection of their application.

3403.5

The Director may give preference to projects which include assistance under the programs administered by the Department.

3403.6

The Director shall allocate no less than ten percent (10%) of the tax credits available for each calendar year for non-profit developer applicants.

3403.7

The Director may approve tax credits in amounts less than requested by approving a credit percentage or a qualified basis amount which is less than the maximum allowed by the Act.

3403.8

The Director may approve tax credits in amounts less than requested or less than authorized by the Act.

3403.9

The Director may approve applications and conditional reservations for tax credits for calendar years subsequent to the year of application.

D.C. Mun. Regs. tit. 10, r. 10-B3403

Final Rulemaking published at 34 DCR 7308, 7310 (November 13, 1987)