825 R.I. Code R. 825-RICR-30-00-2.4

Current through December 3, 2024

Section 825-RICR-30-00-2.4 - APPLICATION

A. Submission Deadline. Within one hundred and twenty (120) days from the date of receipt by the Owner of the Initial Determination of Available Proceeds, Applicant must submit a completed Preservation Application to the Corporation, together with all documentation, certificates and agreements as may be required by the Corporation. Applicants failing to do so within such period, unless otherwise agreed to by the Corporation in writing, must reinitiate the application process (including the payment of a Processing Fee). The Preservation Application shall in part specify the proposed transactions the Applicant wishes to pursue, which may be different from those originally identified in the Notice of Intent. The Preservation Application shall be submitted as part of any application to the Corporation for a Transfer, Additional Financing or Tax Credits, for a Housing Development, and all such applications shall be submitted to the Corporation together with a completed Preservation Application.

B. Required Documentation. Documentation to be submitted together with a completed Preservation Application shall include, but not be limited to:

1. information regarding the experience and qualifications of the Applicant as requested by the Corporation on a case by case basis;

2. any documentation or information necessary to update or correct the Assessment Material and certification by Applicant satisfactory to the Corporation of the accuracy of the Assessment Material, as supplemented or corrected;

3. certification by Applicant of the existence and continued validity of all necessary approvals, together with evidence thereof satisfactory to the Corporation; and

4. in the event that the Preservation Application is submitted together with an application under the Rental Production Regulations, the Transfer Regulations or the Tax Credit Regulations, any other documentation and information required by such regulations.

C. The Corporation shall attempt to notify Applicants within forty-five (45) days of submission of the Preservation Application of any identifiable deficiencies therein.

825 R.I. Code R. 825-RICR-30-00-2.4