Section 825-RICR-30-00-2.2 - SCOPE OF REGULATIONSA. Purpose. The Preservation Program established under this Part is intended to provide Owners and Transferees with incentives to maintain Housing Developments as affordable housing for a period of forty (40) years beyond any current use restrictions for persons and families of low-income and to further the economic viability of such Housing Developments. This Part establishes certain procedures to obtain, and certain conditions for the grant of, the Corporation's approval of Prepayments of Mortgage Loans, Additional Financing, distributions of Residual Receipts, and the allocation of Tax Credits, which are intended to further these objectives.B. Applicability. An Owner or Transferee seeking the Corporation's approval of a Prepayment, Additional Financing, a distribution of Residual Receipts, or an allocation of Tax Credits shall fully comply with all provisions in this Part. To the extent that a Prepayment is to be effectuated in connection with a transfer of a Housing Development within the meaning of the Corporation's regulations governing Proposed Transfers; an application is submitted for financing to provide the funds for the Prepayment or Additional Financing pursuant to the Corporation's Rental Housing Production and Rehabilitation regulations (the "Rental Production Regulations"); an application for Tax Credits pursuant to the Tax Credit Regulations is submitted to the Corporation; and/or the proposed transactions are otherwise governed by other rules or regulations of the Corporation, the provisions of such regulations shall also apply to the proposed transaction. In the event that any provision of other rules and regulations of the Corporation conflicts with the provisions, the provisions in this Part shall control, unless otherwise deemed necessary by the Corporation to accomplish the purposes of all applicable rules and regulations.C. Conformance with State and Federal Law. In addition to complying with the rules and regulations of the Corporation, Owners and Transferees must at all times comply with all applicable state and federal laws, rules and regulations, and must obtain all approvals and consents, and take all such other actions in connection with the proposed transactions as required by such laws, rules and regulations. Any provision of this Part which expressly conflicts with any state or federal law, or federal rule or regulation, as determined by the Corporation, shall be of no force or effect.D. Modification or Waiver. The Corporation reserves the right to modify or waive any provision of this Part with respect to any Preservation Application if the Corporation, in its sole judgment, determines that such modification or waiver is consistent with and will further the purposes of this Part.825 R.I. Code R. 825-RICR-30-00-2.2