Utah Admin. Code R990-200-8 - Revocation of Private Activity Bond Allocation

(1) The Board of Review reserves the right to revoke a recipient's allocation and authority to issue the bonds if there is credible information that a material misrepresentation was presented to the Board of Review or any of its members.

(2) The Board of Review reserves the right to revoke a recipient's allocation if:

(a) the project's total number of affordable units is reduced by 10% or more from the projection on which the recipient received the allocation;

(b) the project's total number of units is reduced by 15% or more from the projection on which the recipient received the allocation;

(c) the site location of the project is changed from the site the Board of Review considered when it approved the allocation;

(d) total costs per unit are increased by 15% or more over the cost projection on which the recipient received the allocation;

(e) total project costs are increased by 20% or more over the cost projection based on which the recipient received the allocation; or

(f) the Board of Review---at any time, based on the totality of circumstances, and in its sole discretion--- determines there is no substantial evidence the recipient will be able to timely close the bonds.

(3) If the recipient is in good standing, a recipient that has had its allocation revoked based on one or more of the factors listed at Subsections R990-200-8(2)(a) through (e) may submit a new application with updated information for a volume cap allocation, and the application will be considered on equal footing with all other new applications. A voluntary relinquishment shall not be considered a failure to close under Subsection R990-200-3(6) and shall not count against a recipient in determining a recipient's good standing.

Notes

Utah Admin. Code R990-200-8

Adopted by Utah State Bulletin Number 2019-16, effective 7/30/2019 Amended by Utah State Bulletin Number 2022-01, effective 12/22/2021