Section 825-RICR-30-00-4.4 - RESERVATION OF TAX CREDITS AND APPLICATION PROCESSA. Allocation of Tax Credits. The Corporation will allocate Tax Credits using a reservation system. Tax Credits will be finally allocated when the Development is placed in service or at such other period or periods permitted under the Tax Code, provided all terms and conditions of this Part and all applicable provisions of the Tax Code have been satisfied.B. Application for Reservation of Tax Credits. The Corporation shall seek applications for reservations of Tax Credits during each Reservation Period which may be a calendar quarter or such other period of time as the Corporation may establish from time to time in a Qualified Allocation Plan that has been approved in accordance with the Tax Code and adopted by the Corporation (as in effect from time to time, the "Plan"). Applications shall be received by the Corporation in accordance with the Plan.C. Rules Relating to Non-Profit Housing Sponsors. The Corporation will reserve the amount of Tax Credits required by the Tax Code for exclusive use by Non-Profit Housing Sponsors (the "Special Reserve"). The allocation of Tax Credits among Non-Profit Housing Sponsors shall be made by the Corporation from the Special Reserve in accordance with the same procedures and priorities established in the Plan for for-profit Housing Sponsors. When the Special Reserve has been exhausted, applications by Non-Profit Housing Sponsors shall be considered along with applications for for-profit Housing Sponsors against the general State of Rhode Island allocation.D. Contents of Application. Each Housing Sponsor seeking a reservation of Tax Credits shall submit to the Corporation an application and supporting materials, as set forth in the Plan. Any information or materials submitted must be in form and substance satisfactory to the Corporation in all respects.E. Evaluation of Applications for Reservations of Tax Credits. The Corporation shall evaluate applications for reservations of Tax Credits in accordance with the Plan.F. Right of Corporation to Withdraw Reservation. The Corporation may, at its sole option and discretion, reduce the amount of Tax Credits reserved for any Housing Sponsor or withdraw the entire amount of Tax Credits so reserved if: 1. The Application of such Housing Sponsor contains any fraudulent statement or material misstatement or omits to state any material fact required to be contained therein;2. it appears to the Corporation that the Development or any portion thereof for which Tax Credits have been reserved will not to be acquired, constructed and/or rehabilitated in a time period adequate to meet the time periods under the Tax Code; or3. Such other reasons as may be established by the Corporation and made available by Program Bulletin from time to time.G. The Corporation shall notify the Housing Sponsor, at its address set forth in the Application, prior to any reduction in or withdrawal of Tax Credits previously reserved for such Housing Sponsor.825 R.I. Code R. 825-RICR-30-00-4.4