Section 15-313-12 - Issuance of form 8609(a) When the low income housing units in a project are placed in service, the applicant shall so advise the corporation, and shall request in writing on such forms as the executive director shall prescribe the issuance of any form 8609 for which federal credit reservations have been made pursuant to these rules, and shall submit such revised eligibility determinations, calculations, certifications, legal and accounting opinions and any other documentation (including evidence that the low income housing units will be occupied within the time period required by the Code) as the executive director may require in order to determine whether or not the applicant is entitled to the credits under the Code and these rules. The corporation shall conduct a final evaluation of the project prior to the issuance of the form 8609 to determine the project's eligibility under the Code. In addition, such final evaluation shall ascertain the amount of tax credits required for the financial feasibility and viability during the credit period of the project.(b) If the executive director determines that the applicant is entitled to the amount of federal tax credits reserved, the executive director shall allocate the credits accordingly and a form 8609 shall be issued to the applicant in accordance with the requirements of the Code.(c) If the executive director determines that the applicant is not entitled to all or any portion of the credits, the executive director shall allocate credits in an amount which does not exceed the amount of credits for which the applicant is entitled and the applicant shall be so notified. Federal tax credits reserved, or any portion thereof, but not allocated may be reallocated to other qualified applicants in accordance with the provisions of these rules.(d) A form 8609 issued by the corporation will be effective only with respect to a qualified project placed in service during the calendar year for which the tax credit is allocated or in the following year in the event of a carry forward allocation, and only to the extent that the Internal Revenue Service gives effect to the form 8609. [Eff APR 23 2010] (Auth: HRS §§ 201H-4, 201H-15) (Imp: HRS § 201H-15; 26 U.S.C. 42(h)(3)(c); 52 Fed. Reg. 23433 § 1.42-1T)