(A) If the owner does not timely provide the start of construction report as required by paragraph (A) of rule 122:29-1-06 of the Administrative Code, the authority will provide notice to the owner of such failure and the authority is to rescind certification of the project at its next schedule meeting.
(B) In addition to paragraph (A) of this rule, the tax credit authority may rescind the tax credit certification if:
(1) The owner fails to timely provide a construction progress report and does not cure such failure within thirty days of written notice from the director;
(2) The authority reasonably determines, based on the construction progress report and recommendation from the director, that the project has failed to make sufficient progress towards completion in consideration of the schedule provided by the owner;
(3) The authority reasonably determines that the owner has abandoned the project of the owner informs the authority it has abandoned the project; or
(4) The owner or applicant is found by the authority to have provided false information to the director, the authority or any other entity of the state of Ohio in any way connected to the approval and certification of the project or determination of any amount of tax credit to the owner or applicant under Chapter 122. of the Revised Code.
Last updated July 6, 2021 at 1:29 PM