SECTION 330:36-2-3. Set-aside categories for TCAs

(a)   The annual allocation of OAHTC Program tax Credits made available to the State may be divided into various set-aside categories, including but not necessarily limited to, Nonprofits, New Construction, Rehabilitation, and such other categories as the Trustees, in their complete discretion, may adopt from time to time for inclusion in the AP. Nonprofits competing in the Nonprofit set-aside must comply with the definition of Nonprofit Sponsored Development in these Chapter 36 Rules.

(b)   Specific set-aside categories and amounts for each category may be determined from time to time by formal action of the Trustees and shall be set out in the AP. The Trustees may, in their sole discretion, modify the amount of the State's annual allocation of Credits devoted to any set-aside, if they determine that the housing needs of the State so warrant, except for the maximum ninety percent (90%) allocation limitation to those other than Nonprofits as required by the Code.

(b)   Specific set-aside categories and amounts for each category may be determined from time to time by formal action of the Trustees and shall be set out in the annual AP. The Trustees may, in their sole discretion, modify the amount of the State's annual allocation of Credits devoted to any set-aside, if they determine that the housing needs of the State so warrant, except for the maximum ninety percent (90%) allocation limitation to those other than Nonprofits as required by the Code.

[Source: Added at 17 Ok Reg 1239, eff 10-1-00; Amended at 21 Ok Reg 2280, eff 1-2-05; Amended at 22 Ok Reg 2579, eff 1-2-06; Amended at 23 Ok Reg 2960, eff 1-2-07; Amended at 28 Ok Reg 1658, eff 1-1-12; Amended at 30 Ok Reg 1987, eff 1-1-14; Amended at 34 Ok Reg 1378, eff 1-1-18]