| (a) A Commitment or Determination Notice shall not
be issued with respect to any Development for an unnecessary amount
in accordance with §42(m)(2)(A) or where the cost for the total
development, acquisition, construction or rehabilitation exceeds the
limitations established by the Department and the Board.
(b) All Commitments or Determination Notices, whether
reflected in the Commitment or Determination Notice or not, are made
subject to full compliance with all applicable provisions of law and
the Department's rules, all provisions of Commitment, Determination
Notice, and Contract, satisfactory completion of underwriting, and
satisfactory resolution of any conditions of underwriting, award,
and administrative deficiencies.
(c) The Department shall notify, in writing, the mayor,
county judge, or other appropriate official of the municipality or
county, as applicable, in which the Development is located informing
him/her of the Board's issuance of a Commitment Notice, as applicable.
(d) The Department may cancel a Commitment, Determination
Notice or Carryover Allocation prior to the issuance of IRS Form(s)
8609 (for Housing Tax Credits) or completion of construction with
respect to a Development and/or apply administrative penalties if:
(1) The Applicant, Development Owner, or the Development,
as applicable, fails after written notice and a reasonable opportunity
to cure, to meet any of the conditions of such Commitment, Determination
Notice or Carryover Allocation or any of the undertakings and commitments
made by the Development Owner in the Application process for the Development;
(2) Any material statement or representation made by
the Development Owner or made with respect to the Development Owner
or the Development is untrue or misleading;
(3) An event occurs with respect to the Applicant or
the Development Owner which would have made the Application ineligible
for funding pursuant to Subchapter C of Chapter 11 of this title (relating
to Application Submission Requirements, Ineligibility Criteria, Board
Decisions and Waiver of Rules) if such event had occurred prior to
issuance of the Commitment, Determination Notice or Carryover Allocation;
or
(4) The Applicant, Development Owner, or the Development,
as applicable, fails after written notice and a reasonable opportunity
to cure, to comply with this chapter or other applicable Department
rules, procedures, or requirements of the Department.
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