R990-200-8. Revocation of Private Activity Bond Allocation

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

  (a) the project's affordable units are reduced by 10% or more;

  (b) the project's total number of units are reduced by 15% or more;

  (c) the site location of the project is changed;

  (d) total costs per unit are increased by 15% or more;

  (e) total project costs are increased by 20% or more; or

  (f) the Board of Review determines there is no substantial evidence the recipient will be able to close the bonds.

  (3) A recipient in good standing may submit a new application with updated information for a volume cap allocation.