Current through Bulletin 2024-06, March 15, 2024
(1) Receipt of
Applications: All applications received on or before 11:59 pm on September 2,
2014 shall be considered received on September 2, 2014.
(a) Receipt of Refundable Performance
Deposit: The refundable performance deposit, provided for in
63M-1-3506,
must be received before the application is considered complete.
(b) For the purposes of the evidence required
to qualify under section
63M-1-3503(1)(i),
applicant must show at least 10 individual qualified low-income community
investments, of $4,000,000 or less, that collectively total $40,000,000 in
qualified low-income community investments under the Federal New Market Tax
Credit Program and/or any other states new market tax credit program.
(2) Denial of
Application: All applications that are deemed incomplete or inadequate will be
denied and given the statutory 15 day cure period that must be completed within
or directly after the 30 day review period. If an application is cured after
the 30 day review period but within the 15 day cure period, the application
will be prioritized as it would have been with the other applications.
(3) Priority of Applications for
Certification: For all applications received on the same day,
(a) Applications by applicants that agree to
designate qualified equity investments as federal quality equity investments
will be certified first, with the federal quality equity investments receiving
priority on a pro rata basis as set forth in Utah Code Section
63M-1-3503(5)(a).
(b) If there is additional funding
to certify after considering the priority applications, referenced in section
(a) then those applications will be considered on a pro rata basis as set forth
in Section
63M-1-3503(5)(b).
(c) If there is no additional
funding to certify after considering the priority applications, then the
applicants who were not considered priority applicants will be notified and
their refundable deposits returned within 60 days.
(4) Non-Priority Applications: If there is no
additional funding to certify after considering the priority applications set
forth in Utah Code Section
63M-1-3503(5),
then the applicants who were not considered priority applicants will be
notified and their refundable deposits returned within sixty days.
(5) Notice of Certification Notice of
Certification shall be delivered through electronic mail and be considered
received at the time stamp within the electronic mail notice, not at the time
it is read.
(6) Additional
Allocation: If, after a certification is made, an applicant withdraws its
request for certification, the amount that was certified to the withdrawing
applicant will be redistributed to the other previously certified applicants,
using the same priority as set forth in Utah Code Section
63M-1-3503(5).
(a) Certified applicants will be notified of
an additional certification amount in writing. The applicant will have ten (10)
days to either accept the additional certification or decline the additional
certification. Failure to accept in writing will be deemed declination of
additional allocation.
(b) If the
additional certification is declined, the amount will be redistributed to the
remaining previously certified applicants, using the same priority set forth in
Utah Code Section
63M-1-3503(5).
(c) If all currently certified
applicants decline the additional amount, any applicants who applied but did
not receive any allocation will then be considered as set forth in Utah Code
Section
63M-1-3503(5).
(d) If all applicants as set forth
in (a), (b) and (c) decline the allocation, a new solicitation for the
remaining and/or declined allocation may be pursued by the office and shall
follow all procedures and processes as set forth in statute and this rule.
(e) Timing of issuance of
additional certification: Any additional amounts received by applicants who
have already received a certified allocation amount shall have a new
independent timeline from the original certified allocation amount unless the
qualified community development entity requests to aggregate the timelines as
set forth below:
(i) An applicant receiving
additional certified allocation may request to have the additional amount
aggregated with the initial certified allocation by making such a request on
official letter head to the office and by agreeing to waive the independent
timeline of the additional certified allocation amount;
(ii) If aggregation of an original certified
allocation amount with an additional certification amount may occur without
violating the Utah Small Business Jobs Act or this Rule, the Office will
approve the request to aggregate the allocations; and
(iii) If the allocations are aggregated, all
allocation shall be subject to the deadline for the original certified
allocation.
(7) Notification of Maximum Funding
Allocation: Once the maximum amount of funding has been allocated, applicants
will be notified that there is no other allocation amount available for the
fiscal year unless or until: an applicant's certification lapses, an applicant
withdraws its request, or if funding is recaptured.
(a) If the applicant has submitted a
refundable deposit and elects to withdraw its application, the refundable
deposit will be returned within 60 days.
(b) If the applicant withdraws and later
applies for any remaining funds that have become available after following the
procedures outlined in subsection (4) above, a new refundable deposit must be
provided along with the application and follow all statutory requirements that
the original application is subject to.
