15 AAC 151.790. Conditional allocation of tax credit

(a) When the Corporation determines that a project is eligible for an allocation of low-income housing tax credit and the Corporation has credit remaining within its housing credit ceiling for the tax year, it will issue a letter conditionally allocating tax credit to the project.

(b) The letter of allocation will set out the amount of tax credit conditionally allocated and the terms for final allocation.

(c) If no conditional allocation of credit is made, the Corporation will notify the applicant in writing stating the reasons that no allocation was made.

(d) If an applicant is otherwise eligible for a conditional allocation but there remains no unallocated credit for the calendar year, the applicant will be placed on a waiting list for credit previously allocated that may be returned to the Corporation.

(e) An applicant may appeal the amount or denial of a conditional allocation as provided in 15 AAC 151.830.

History: Eff. 5/7/93, Register 130

Authority: AS 18.55.100 (a)

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