§ 11-1-121. ANNUAL RE-CERTIFICATION REQUIRED.

(A)

To maintain designation as a CLT and to receive tax exemptions in subsequent years after initial certification, a CLT shall comply with the annual re-certification requirements described in Subsection (B).

(B)

A CLT must submit a written annual statement to the Director of Neighborhood Housing and Community Development or the Director's designee that the CLT continues to qualify for CLT designation and tax exemptions. The statement must include:

(1)

a certification that the information in the CLT's initial application is still true and correct;

(2)

the annual audit required in Section 11-1-110(E);

(3)

the information required in Section 11-1-120(C)(2); and

(4)

a certification that the CLT continues to comply with Section 11-1-110(A)(1) - (11).

Source: 20120524-020.