(a) Application fee.

1. (1) A five-hundred-dollar nonrefundable application fee is payable at the time an application is submitted to the Arkansas Development Finance Authority.
2. (2) Applications submitted without the application fee will be considered incomplete.

(b) Issuance fee (Arkansas Development Finance Authority issues only).

1. (1) A one-time fee of one-half of one percent (0.5%), based on the principal amount of bonds issued, is payable at the bond closing for bonds with a maturity date of five (5) years or less.
2. (2) An annual fee of one-eighth of one percent (0.125%), based on the principal amount of bonds issued, is payable on October 1 of each year the bonds remain outstanding for bonds with a maturity date in excess of five (5) years.

(c) Low-income housing tax credits (LIHTC) fees.

1. (1) Reservation of credit fee. A nonrefundable reservation fee of one hundred dollars ($100) per low-income unit will be required at the bond closing.
2. (2) Award of credit fee. An award of credit fee of one hundred fifty dollars ($150) per low-income unit will be required at the time the credits are awarded (at issuance of Internal Revenue Service Form 8609).

3. (3) Compliance/monitoring fee.

   1. (A) A compliance and monitoring fee of six percent (6%) of the amount of annual credits is required to be paid at the time the credits are awarded (at issuance of Internal Revenue Service Form 8609).
   2. (B) In addition, a monitoring fee of fifty dollars ($50.00) per low-income housing tax credit unit inspected will be owed to the authority following any on-site compliance and monitoring inspection conducted by the authority during the extended period following the close of the fifteen-year compliance period.