Nev. Admin. Code § 319.983 - Submission of final application for tax credits upon completion of project; determination of amount of award; additional statements and forms

1. Upon the completion of a project, the project sponsor shall submit a final application for tax credits to the Division on a form provided by the Division. The final application must be accompanied by a report from a certified public accountant attesting:

(a) To the amount of the actual costs of construction of the project; and

(b) That those costs may be included in the eligible basis of the project pursuant to the provisions of section 42 of the Code.

The report must be submitted on a form approved by the Division.

2. The Division will complete a review of the project sponsor and project. If at the time the review is conducted:

(a) The project complies with the requirements upon which tax credits were reserved pursuant to NAC 319.951 to 319.998, inclusive; and

(b) The appropriate declaration of restrictive covenants and restrictions has been recorded, the Division will determine the appropriate amount of tax credits for that project and prepare an Internal Revenue Service Form 8609 or other appropriate form. The amount of tax credits determined pursuant to this subsection may not exceed the amount of those tax credits reserved for the applicant pursuant to the provisions of NAC 319.951 to 319.998, inclusive.

3. Before a form specified in subsection 2 is submitted by the Division to the project sponsor, the project sponsor must submit a written statement to at least one housing authority as defined in NRS NRS 315.021 or any other public agency that administers public housing projects in this State. The statement must:

(a) Provide information to the housing authority or public agency concerning the proposed project, including the location of the project, the number of units in the project, any restrictions on rent for the units in the project and the anticipated date of completion of construction of the project; and

(b) Indicate that the applicant has requested the housing authority or public agency to refer persons who are on waiting lists for public housing to apply for units in the project.

Upon submitting a statement to a housing authority or public agency pursuant to this subsection, the project sponsor shall submit a copy of the statement to the Division.

4. The project sponsor must submit to the Division:

(a) A copy of the completed Internal Revenue Service Form 8609 or other appropriate form before the end of the first year the tax credits are taken; and

(b) A copy of Internal Revenue Service Form 8586 before the end of each year of the credit period as defined in section 42(f)(1) of the Code.

Notes

Nev. Admin. Code § 319.983

Added to NAC by Housing Div. by R057-97, eff. 1-15-98; A by R115-14, eff. 10/27/2015

NRS 319.145