1. (a) If the issuer does not timely submit the bond authorization requirements described in §190.3(c) of this title (relating to Filing Requirements for Applications for Reservation), the issuer's reservation is canceled and during the 90-calendar-day period beginning on the reservation date of the canceled reservation:

   1. (1) the issuer may not submit an application for a reservation for the same project; and
   2. (2) the issuer is eligible for a carryforward designation for the project only as provided by the Act.

2. (b) If the closing documents are not received within five business days after the closing as described in §190.3(e) of this title (relating to Filing Requirements for Applications for Reservation), the issuer's reservation is cancelled and during the 150-day period beginning on the reservation date of the cancelled reservation for applications within the categories described by the Act, §2(b)(2)-(6), and the 210-day period for an application within the category described by the Act, §2(b)(1):

   1. (1) the issuer or any other issuer may not submit an application for a reservation for the same project; and
   2. (2) the issuer is eligible for a carryforward designation for the project only as provided by the Act.
3. (c) If an issuer withdraws an application for reservation prior to the expiration date, there is no penalty for such withdrawal.
4. (d) A certificate of allocation will not be issued until all required closing documents and the remaining two-thirds of the closing fee have been received by the board.

Source Note:The provisions of this §190.7 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective October 8, 1997, 22 TexReg 9895.