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.

Terms Used In Arizona Laws 35-902

  • Authority: means the Arizona finance authority established by Title 41, Chapter 53, Article 2. See Arizona Laws 35-901
  • Certificate of closing: means the certificate of closing adopted for use by and to be filed with the authority declaring that bonds were issued or that a qualified mortgage credit certificate program has been established. See Arizona Laws 35-901
  • Code: means the United States internal revenue code of 1986, as amended, and its applicable regulations. See Arizona Laws 35-901
  • Confirmation: means the allocation confirmation that confirms an allocation to a project in the form adopted for use by the authority. See Arizona Laws 35-901
  • Director: means the director of the authority. See Arizona Laws 35-901
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Issued: means , with respect to a bond or bonds, either of the following:

    (a) The bond or bonds have been delivered and paid for in full. See Arizona Laws 35-901

  • Issuer: means an entity or person issuing bonds. See Arizona Laws 35-901
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage credit certificate: means a certificate as described in section 25(c)(1) of the code. See Arizona Laws 35-901
  • Project: means a qualified mortgage credit certificate program or any construction, acquisition, planned expenditure or other activity, including all phases of a multiphased project that requests allocations in the same year and including costs of issuance, capitalized interest and discounts, financed with bonds and located in this state or directly benefiting residents of this state. See Arizona Laws 35-901
  • Qualified mortgage credit certificate program: means a qualified mortgage credit certificate program as described in section 25(c)(2) of the code. See Arizona Laws 35-901
  • Request: means the request for allocation to be filed with the authority in the form adopted for use by the authority. See Arizona Laws 35-901
  • State ceiling: means the dollar limit of the aggregate amount of private activity bonds that may be issued in this state pursuant to section 146 of the code for each calendar year, beginning in 1988. See Arizona Laws 35-901
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
  • Year: means the calendar year. See Arizona Laws 35-901

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.