35-902 - Arizona Statutes

35-902. Allocation A. Subject to the provisions of this chapter, the total amount of the state ceiling is allocated among projects pursuant to this section. The director shall issue confirmations on a first come, first served basis, within any particular category of projects as described in subsection C, D, E, F or G of this section. B. Ten per cent of the state ceiling is allocated to projects that are designated at the sole discretion of the director. C. Thirty-five per cent of the state ceiling is allocated to qualified mortgage revenue bonds and qualified mortgage credit certificate programs, excluding any such bonds and certificate programs for home improvement and rehabilitation. D. Ten per cent of the state ceiling is allocated to qualified residential rental projects as described in the United States internal revenue code of 1986, thirty per cent of which shall be for rural residential rental projects for a period of at least one hundred eighty days. E. Twenty per cent of the state ceiling is allocated to qualified student loan projects. F. Fifteen per cent of the state ceiling is allocated to manufacturing projects. G. Ten per cent of the state ceiling is allocated to all projects financable through issuance of bonds that require an allocation of state ceiling and that are not described and provided for in subsections C, D, E and F of this section. Such projects include, but are not limited to, qualified mortgage revenue bonds and qualified mortgage credit certificate programs for home improvement and rehabilitation. H. A request shall not be filed and a confirmation shall not be issued to a project unless the project is subject to section 146 of the code. No project is deemed to have been allocated any portion of the state ceiling unless, in connection with the project, the provisions of this chapter have been substantially complied with. I. Any request on file with the department for which a confirmation has not been issued by 5:00 p.m. on June 30, other than a request for an allocation pursuant to subsection B of this section, is deemed to have expired at 5:00 p.m. on June 30. All or any part of any confirmation for which bonds have not been issued or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. on June 30, evidenced by the filing of a certificate of closing with the department, or for which confirmations have not been extended pursuant to section 35-910, is deemed to have expired. J. At any given time, an issuer, or an issuer together with one or more other issuers, may not file with the department more than one request for each project. Nothing in this subsection prohibits an issuer from refiling a request for a given project if a prior request has expired or filing a request for each separate and distinct project. K. An issuer may not transfer or assign its rights to an allocation of state ceiling from one project to another project or from itself to another issuer.