Section 120. Authority to increase allocation of credits

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Notwithstanding anything to the contrary herein, the executive director may, in his discretion and without ratification or approval by the board, increase the amount of credits allocated to a tax credit unit for the purpose of allowing the owner to continue to comply with the requirement in the state code and these rules and regulations that the rent charged to the eligible tenant be at least 15% less than the market rent. Any request for such increase shall include such information, opinions, certifications and documentation as the executive director may require.

Historical Notes

Derived from Volume 12, Issue 23, eff. July 17, 1996.

Statutory Authority

§ 36-55.30:3 of the Code of Virginia.

                    
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