SECTION 330:36-2-9. Reallocation of additional tax Credits

(a)   Additional tax Credits may become available for the award of TCAs as the result of:

(1)   Development cancellations;

(2)   Developments completed under original cost estimates;

(3)   Credits Allocated but not utilized; or,

(4)   Other circumstances.

(b)   In keeping with the AP, OHFA may award TCAs based on the amount of Credits available, in the calendar year any such Credits first become available.

(c)   The Trustees reserve the right, to consider Allocations of TCAs outside the established reservation period(s) for a given calendar year. The Trustees, in their sole discretion, reserve the right to approve such an Allocation of TCAs, provided the facts presented to them demonstrate a special circumstance or need and said Allocation promotes the development of residential use housing within the State. Provided however, the Trustees also reserve the right to deny any request for an Allocation of TCAs made outside the established reservation period(s) for a given calendar year. Consideration of all Allocations of TCAs shall be made at a regularly scheduled or special meeting of the Trustees and shall be made by formal action, giving consideration to Staff review and recommendations.

(d)   All Credits not awarded in any calendar year shall be carried over for use in the next calendar year, in accordance with the provisions of the Code, these Rules, the AP and/or the formal action of the Trustees.

[Source: Added at 17 Ok Reg 1239, eff 10-1-00; Amended at 23 Ok Reg 2960, eff 1-2-07; Amended at 26 Ok Reg 303, eff 11-20-08 (emergency); Amended at 26 Ok Reg 1208, eff 7-1-09; Amended at 26 Ok Reg 2540, eff 1-1-10; Amended at 27 Ok Reg 1812, eff 7-1-10; Amended at 28 Ok Reg 1658, eff 1-1-12; Amended at 34 Ok Reg 1378, eff 1-1-18]