1. (1) The Board of Review reserves the right to revoke a recipient's allocation and authority to issue the bonds if there is credible information that a material misrepresentation was presented to the Board of Review or any of its members.

2. (2) The Board of Review reserves the right to revoke a recipient's allocation if:

   1. (a) the project's total number of affordable units is reduced by 10% or more from the projection on which the recipient received the allocation;
   2. (b) the project's total number of units is reduced by 15% or more from the projection on which the recipient received the allocation;
   3. (c) the site location of the project is changed from the site the Board of Review considered when it approved the allocation;
   4. (d) total costs per unit are increased by 15% or more over the cost projection on which the recipient received the allocation;
   5. (e) total project costs are increased by 20% or more over the cost projection based on which the recipient received the allocation; or
   6. (f) the Board of Review---at any time, based on the totality of circumstances, and in its sole discretion---determines there is no substantial evidence the recipient will be able to timely close the bonds.
3. (3) If the recipient is in good standing, a recipient that has had its allocation revoked based on one or more of the factors listed at Subsections R990-200-8(2)(a) through (e) may submit a new application with updated information for a volume cap allocation, and the application will be considered on equal footing with all other new applications. A voluntary relinquishment shall not be considered a failure to close under Subsection R990-200-3(6) and shall not count against a recipient in determining a recipient's good standing.

KEY: allocation, private activity bond, volume cap

Date of Last Change: December 8, 2025

Notice of Continuation: July 23, 2024

Authorizing, and Implemented or Interpreted Law: 35A-8-2104