neighborhood homes credit agency of such State during such preceding calendar year. Any amount carried forward under the preceding sentence shall not be carried past the third calendar year after the calendar year in which such credit amount originally arose, determined on a first-in, first-out basis. (f) Responsibilities of neighborhood homes credit agencies (1) In general Notwithstanding subsection (e), the State neighborhood homes credit dollar amount shall be zero for a calendar year unless the neighborhood homes credit agency of the State— (A) allocates such amount pursuant to a qualified allocation plan of the neighborhood homes credit agency, (B) allocates not more than 20 percent of amounts allocated in the previous year (or for allocations made in 2024, not more than 20 percent of the neighborhood homes credit ceiling for such year) to projects with respect to qualified residences which— (i) are located in census tracts described in subsection (c)(2)(A)(iii), (c)(2)(A)(iv), (i)(5), or (ii) are not located in a qualified census tract but meet the requirements of subsection (i)(8), (C) promulgates standards with respect to reasonable qualified development costs and fees, (D) promulgates standards with respect to construction quality, (E) in the case of any neighborhood homes credit agency which makes an allocation to a qualified project which includes any qualified residence to which subsection (i) applies, promulgates standards with respect to protecting the owners of such residences, including the capacity of such owners to pay rehabilitation costs not covered by the credit provided by this section and providing for the disclosure to such owners of their rights and responsibilities with respect to the rehabilitation of such residences, (F) submits to the Secretary (at such time and in such manner as the Secretary may prescribe) an annual report specifying— (i) the amount of the neighborhood homes credits allocated to each qualified project for the previous year, (ii) with respect to each qualified