Statutes, codes, and regulations
District Of Columbia Administrative Code
Title 10 - PLANNING AND DEVELOPMENTSubtitle 10-B - PLANNING AND DEVELOPMENT
Chapter 10-B34 - LOW INCOME HOUSING TAX CREDIT PROGRAM
Rule 10-B3404 - RESERVATION OF TAX CREDIT

D.C. Mun. Regs. tit. 10, r. 10-B3404

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Current through Register Vol. 71, No. 44, November 1, 2024
Rule 10-B3404 - RESERVATION OF TAX CREDIT
3404.1

Upon approval of an application, the Department shall issue a letter of conditional reservation of tax credits, setting forth a reservation agreement, which shall be accepted in writing by the applicant.

3404.2

This reservation agreement shall include, but not be limited to, the following:

(a) The credit percentage and qualified basis amount conditionally approved; and
(b) A schedule for project completion, reporting, monitoring, and verification requirements.
3404.3

This reservation agreement shall include, but not be limited to, a schedule for project completion, reporting, monitoring, and verification requirements.

3404.4

The agreement may only be amended by written consent of all parties.

3404.5

If a credit applicant fails, in any way, to adhere to the terms of the conditional reservation will not be used, the Department may revoke or reduce the conditional reservation of tax credits.

D.C. Mun. Regs. tit. 10, r. 10-B3404

Final Rulemaking published at 34 DCR 7308, 7312 (November 13, 1987)