(a) Affected bonds, including multifamily housing bonds, must be issued within the reservation period unless the:

1. (1) President of the Arkansas Development Finance Authority has approved in writing an extension for the affected bonds;
2. (2) Reservation was issued on or after November 1, in which case the reservation period will terminate on December 31 of the current calendar year; or
3. (3) Issuer is granted written permission by the president to carry forward the allocation pursuant to 15 CAR § 73-108.

(b)

1. (1) Prior to the expiration of the reservation period, the reservation period may be extended by the president for up to an additional sixty (60) calendar days or such shorter period as the president determines.
2. (2) An extension request must be made in writing to the president by the issuer and the principal user, if any, stating the reasons for the request.

3. (3) In granting any extension, the president shall consider the:

   1. (A) Written explanations;
   2. (B) Likelihood of the bonds being issued within the extension period; and
   3. (C) Alternative uses of the volume cap.