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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B34. LOW INCOME HOUSING TAX CREDIT PROGRAM |
Section 10-B3404. RESERVATION OF TAX CREDIT
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3404.1Upon 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.
3404.2This 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.
3404.3This reservation agreement shall include, but not be limited to, a schedule for project completion, reporting, monitoring, and verification requirements.
3404.4The agreement may only be amended by written consent of all parties.
3404.5If 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.