Following completion of a rehabilitation approved by the Director under Regulation .05 of this chapter (Part 2) or for which the Director issued an initial credit certificate under Part 2, the Part 2 applicant may file a Part 3 application with the Director requesting that the Director determine that the completed rehabilitation is a certified rehabilitation. A Part 3 application shall be filed: For either the Homeowner Tax Credit or the Small Commercial Tax Credit, not later than the end of the second calendar year that follows the calendar year during which the rehabilitation was completed; and For the Competitive Commercial Tax Credit, within the time limit set forth in Regulation .05D(11)(d) of this chapter as may have been extended by the Director under Regulation .05D(13) of this chapter. A Part 3 application shall: Be filed on the standard application forms available on the Trust’s website; Include: A statement made under oath by the applicant that the amount of the qualified rehabilitation expenditures as stated in the application is true and correct; and Financial statements, in form and content satisfactory to the Director, certified by a certified public accountant that demonstrate that the qualified rehabilitation expenditures stated in the application were expended on the rehabilitation approved by the Director under Part 2, if the application is for: A Competitive Commercial Tax Credit; or A Small Commercial Tax Credit that is based on qualified rehabilitation expenditures of $100,000 or more; and For the Homeowner Tax Credit, include an administrative fee in an amount that is equal to the greater of 0.6 percent of either the estimated cost of rehabilitation stated in the Part 2 application for the rehabilitation or the qualified rehabilitation expenditures stated in the Part 3 application, less $10 paid with the Part 2 application. The Director may not accept or review a Part 3 application until the Trust receives the administrative fee, if applicable, and all information required by the application form. Upon receipt of a timely filed and complete Part 3 application, the Director: May inspect the completed rehabilitation; and Shall: Determine whether the rehabilitation as completed is a certified rehabilitation; As may be appropriate for an application for the Competitive Commercial Tax Credit, determine whether the rehabilitation resulted in either: A high performance building; or A housing project that qualifies as affordable housing; As may be appropriate for an application for either the Small Commercial Tax Credit or the Competitive Commercial Tax Credit, determine whether the rehabilitation resulted in either: A level 1 opportunity zone project; or A level 2 opportunity zone project; Determine the tax credit amount, if any, based upon the applicant’s accurately reported qualified rehabilitation expenditures; and Promptly send written notice to the applicant of the Director’s determinations. An applicant that has completed a competitive commercial rehabilitation approved under Part 2 may file a second Part 3 application for a determination by the Director of the applicant’s qualification for either the additional 5 percent tax credit available under Regulation .03E(2)(a)(ii) of this chapter or the additional 7.5 percent credit available under Regulation .03E(2)(a)(iii) of this chapter if: The Director previously determined under §E(2)(a) of this regulation that the rehabilitation project is a certified rehabilitation; The additional 5 percent tax credit or 7.5 tax credit was not included within the tax credit amount determined by the Director under §E(2)(c) of this regulation; and The second Part 3 application is received by the Trust within 18 months following the completion of the rehabilitation. Allocation and Transfer of Tax Credit. The tax credit amount determined under §E of this regulation by the Director upon review of a Part 3 application: That is filed by a business entity, may be allocated among the partners, members, or shareholders of the entity as may be agreed to by the partners, members, or shareholders; or For a Competitive Commercial Tax Credit, may be transferred in whole or part by the Part 3 applicant to any one or more individuals or business entities as may be agreed to by the applicant and the individual or business entity. The tax credit amount allocated or transferred under this section to an individual or business entity may be applied against the total tax otherwise payable by the individual or business entity for the taxable year during which the certified rehabilitation was completed. If the tax credit amount allocated or transferred under this section to an individual or business entity exceeds the total tax payable by the individual or business entity: The individual or business entity may claim a refund in the amount of the excess; or As to the transferee of all or a portion of the Competitive Commercial Tax Credit, the transferee may transfer any amount not claimed as a refund to any other individual or business entity. Any agreement concerning the allocation or transfer of a tax credit amount under this section shall be in writing and executed by all parties to the agreement.