3404. RESERVATION OF TAX CREDIT

3404 RESERVATION OF TAX CREDIT 3404.1 Upon 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. 3404.2 This 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. 3404.3 This reservation agreement shall include, but not be limited to, a schedule for project completion, reporting, monitoring, and verification requirements. 3404.4 The agreement may only be amended by written consent of all parties. 3404.5 If 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. SOURCE: Final Rulemaking published at 34 DCR 7308, 7312 (November 13, 1987).