2023 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-902 - Allocation

35-902. Allocation

A. Subject to this chapter, the total amount of the state ceiling is allocated among projects pursuant to this section. The director shall issue confirmations on a first-come, first-served basis, subject to section 35-904, subsection A in the event of oversubscription, within any particular category of projects as described in subsection C, D or E of this section.

B. Twenty-five percent of the state ceiling is allocated to projects that are designated at the sole discretion of the director.

C. Thirty percent of the state ceiling is allocated to qualified mortgage revenue bonds and qualified mortgage credit certificate programs, including bonds and certificate programs for home improvement and rehabilitation.

D. Forty percent of the state ceiling is allocated to qualified residential rental projects as described in section 142(d) of the United States internal revenue code of 1986.

E. Five percent of the state ceiling is allocated to manufacturing projects.

F. A request shall not be filed and a confirmation shall not be issued to a project unless the project is subject to section 146 of the code. A project is not deemed to have been allocated any portion of the state ceiling unless, in connection with the project, this chapter has been substantially complied with.

G. Any request on file with the authority for which a confirmation has not been issued by 5:00 p.m. on March 31, other than a request for an allocation pursuant to subsection B or D of this section, is deemed to have expired at 5:00 p.m. on March 31. Other than a confirmation made pursuant to subsection B of this section or for which confirmations have not been extended pursuant to section 35-910, all or any part of any confirmation for which bonds have not been issued or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. on March 31, evidenced by the filing of a certificate of closing with the authority, is deemed to have expired.

H. At any given time, an issuer, or an issuer together with one or more other issuers, may not file more than one request for each project, except that the authority may satisfy an allocation request from one or more categories of projects as described in subsection B, C, D or E of this section. This subsection does not prohibit an issuer from refiling a request for a given project if a prior request has expired or filing a request for each separate and distinct project.

I. Beginning from and after October 30, 2023 until July 31, 2030:

1. From March 31 through July 31 of each year, except for the percentage allocated by the director pursuant to subsection B of this section, sixty percent of the remaining state ceiling is allocated to projects prescribed in subsections C and D of this section.

2. Notwithstanding section 35-905, subsection A, from March 31 through July 31 of each year, a confirmation may not be allocated to a project prescribed in subsection C of this section in an amount greater than $35, 000, 000.