22BHSecretary may redirect incentive

#### 22BH Secretary may redirect incentive (1) This regulation applies if, under this Subdivision, the Secretary transfers an allocation for an approved rental dwelling from an approved participant (the original approved participant) to another person or entity (the gaining approved participant). Incentive for year of transfer (2) The Secretary may give an incentive to the gaining approved participant instead of the original approved participant if: (a) the Secretary transfers the allocation during an NRAS year; and (b) apart from the operation of this regulation and any determination in force under subregulation 25(2), the original approved participant: (i) would be entitled to receive the incentive for the approved rental dwelling for the NRAS year; and (ii) would be required to pass on all or part of the incentive to an investor. Incentive for an earlier year (3) The Secretary may give an incentive to the gaining approved participant instead of the original approved participant if: (a) the Secretary transfers an allocation during an NRAS year; and (b) apart from the operation of this regulation and any determination in force under subregulation 25(2), the original approved participant: (i) would be entitled to receive the incentive for the approved rental dwelling for an earlier NRAS year; and (ii) would be required to pass on all or part of the incentive to an investor. Redirected incentive to be given to investor (4) If the Secretary gives an incentive to the gaining approved participant: (a) the gaining approved participant must give the incentive to the investor concerned; and (b) to avoid doubt, and despite any agreement to the contrary, the original approved participant is no longer required to pass on all or part of the incentive to the investor. Meaning of redirected (5) An incentive given to a gaining approved participant under this regulation is redirected. Secretary to notify of proposed redirection (6) Before the Secretary redirects an incentive, the Secretary must give written notice of the proposed redirection to the following: (a) the original approved participant; (b) the investor concerned. (7) The notice must invite the original approved participant or investor, as the case requires, to make a written submission to the Secretary about the proposed redirection no later than 14 days after the day the Secretary gives the notice. Incentive that has been given cannot be redirected (8) To avoid doubt, this regulation does not apply to allow the Secretary to redirect an incentive that has already been given to an original approved participant.