Section 310-RICR-10-10-1.9 - Application ReviewA. Each application will be reviewed to confirm compliance with the Act and these Rules, and the Department may reject any incomplete or deficient application.B. The Department may require the submission of additional information in connection with any application or the revision of an application, and may permit the resubmission of an application rejected as being incomplete or deficient.C. The Department will review complete applications to determine if, in the Department's discretion, a financing gap exists for the proposed project. After the Department reviews an application, it will decide whether to award a Tax Credit to the Applicant. In making that determination, the Department will consider the following, among other things:1. The evaluation of the applicant's pro forma and need for additional subsidy funding;2. The proposed project's impact on efforts to increase affordable housing in the State, serve vulnerable populations (including extremely low-income residents) in the State, preserve housing options to expand opportunities, and address community needs;3. The proposed project's readiness to proceed;4. The proposed project's financial feasibility; and5. The capacity of the proposed development team.D. The Department may prioritize projects based upon additional criterial set forth in the QAP, or in a solicitation issued by the Department.E. If the Department determines that it will not approve an application for a tax credit under the Act or these Rules, then it will notify the applicant of that decision in writing.F. The Department may set periodic application deadlines that will be published on the Department's website.310 R.I. Code R. 310-RICR-10-10-1.9
Adopted effective 10/8/2024