Section 280-RICR-20-20-6.22 - Processing Fees and Contracts of GuarantyA. Within thirty (30) days of the date of Part 2 certification, the Applicant shall pay to the Division of Taxation a non-refundable Processing Fee equal to three percent (3%) of the estimated QREs and shall enter into a Contract with the Division of Taxation.B. The Contract will guarantee the amount of tax credit as the lesser of: 1. The amount specified in the Contract; or2. The actual QREs as verified by the Division of Taxation multiplied by the applicable tax credit percentage as provided in § 6.7 of this Part, provided that the project's Substantial Construction activities are commenced within twelve (12) months from the certification date of the Part 2 Application, that the project has not Remained Idle, and that the tax credits are not otherwise revoked, forfeited, recaptured or disallowed pursuant to the express provisions of this regulation.C. The Contract shall be assignable:1. to an Affiliate of the Person incurring the QREs, without consent from the Division of Taxation;2. to a banking institution as defined by R.I. Gen. Laws § 44-14-2 or credit union as defined by R.I. Gen. Laws § 44-15-1.1(1), without consent from the Division of Taxation;3. to a Person, firm, partnership, trust, estate, LLC, corporation (whether for profit or nonprofit) or other business entity that incurs QREs for the Substantial Rehabilitation of Certified Historic Structures or some identifiable portion of a structure, with such assignment to be approved by the Division of Taxation, which approval shall not be unreasonably withheld or conditioned; or4. to any other Person, firm, partnership, trust, estate, LLC, corporation (whether for profit or nonprofit) or other business entity that is approved by the Division of Taxation, which approval shall not be unreasonably withheld or conditioned.280 R.I. Code R. § 280-RICR-20-20-6.22