R357-10-5. Applications

  (1) Receipt of Applications: All applications received on or before 11:59 pm on September 2, 2014 shall be considered received on September 2, 2014.

  (a) Receipt of Refundable Performance Deposit: The refundable performance deposit, provided for in 63M-1-3506, must be received before the application is considered complete.

  (b) For the purposes of the evidence required to qualify under section 63M-1-3503(1)(i), applicant must show at least 10 individual qualified low-income community investments, of $4,000,000 or less, that collectively total $40,000,000 in qualified low-income community investments under the Federal New Market Tax Credit Program and/or any other states new market tax credit program.

  (2) Denial of Application: All applications that are deemed incomplete or inadequate will be denied and given the statutory 15 day cure period that must be completed within or directly after the 30 day review period. If an application is cured after the 30 day review period but within the 15 day cure period, the application will be prioritized as it would have been with the other applications.

  (3) Priority of Applications for Certification: For all applications received on the same day,

  (a) Applications by applicants that agree to designate qualified equity investments as federal quality equity investments will be certified first, with the federal quality equity investments receiving priority on a pro rata basis as set forth in Utah Code Section 63M-1-3503(5)(a).

  (b) If there is additional funding to certify after considering the priority applications, referenced in section (a) then those applications will be considered on a pro rata basis as set forth in Section 63M-1-3503(5)(b).

  (c) If there is no additional funding to certify after considering the priority applications, then the applicants who were not considered priority applicants will be notified and their refundable deposits returned within 60 days.

  (4) Non-Priority Applications: If there is no additional funding to certify after considering the priority applications set forth in Utah Code Section 63M-1-3503(5), then the applicants who were not considered priority applicants will be notified and their refundable deposits returned within sixty days.

  (5) Notice of Certification Notice of Certification shall be delivered through electronic mail and be considered received at the time stamp within the electronic mail notice, not at the time it is read.

  (6) Additional Allocation: If, after a certification is made, an applicant withdraws its request for certification, the amount that was certified to the withdrawing applicant will be redistributed to the other previously certified applicants, using the same priority as set forth in Utah Code Section 63M-1-3503(5).

  (a) Certified applicants will be notified of an additional certification amount in writing. The applicant will have ten (10) days to either accept the additional certification or decline the additional certification. Failure to accept in writing will be deemed declination of additional allocation.

  (b) If the additional certification is declined, the amount will be redistributed to the remaining previously certified applicants, using the same priority set forth in Utah Code Section 63M-1-3503(5).

  (c) If all currently certified applicants decline the additional amount, any applicants who applied but did not receive any allocation will then be considered as set forth in Utah Code Section 63M-1-3503(5).

  (d) If all applicants as set forth in (a), (b) and (c) decline the allocation, a new solicitation for the remaining and/or declined allocation may be pursued by the office and shall follow all procedures and processes as set forth in statute and this rule.

  (e) Timing of issuance of additional certification: Any additional amounts received by applicants who have already received a certified allocation amount shall have a new independent timeline from the original certified allocation amount unless the qualified community development entity requests to aggregate the timelines as set forth below:

  (i) An applicant receiving additional certified allocation may request to have the additional amount aggregated with the initial certified allocation by making such a request on official letter head to the office and by agreeing to waive the independent timeline of the additional certified allocation amount;

  (ii) If aggregation of an original certified allocation amount with an additional certification amount may occur without violating the Utah Small Business Jobs Act or this Rule, the Office will approve the request to aggregate the allocations; and

  (iii) If the allocations are aggregated, all allocation shall be subject to the deadline for the original certified allocation.

  (7) Notification of Maximum Funding Allocation: Once the maximum amount of funding has been allocated, applicants will be notified that there is no other allocation amount available for the fiscal year unless or until: an applicant's certification lapses, an applicant withdraws its request, or if funding is recaptured.

  (a) If the applicant has submitted a refundable deposit and elects to withdraw its application, the refundable deposit will be returned within 60 days.

  (b) If the applicant withdraws and later applies for any remaining funds that have become available after following the procedures outlined in subsection (4) above, a new refundable deposit must be provided along with the application and follow all statutory requirements that the original application is subject to.