The executive director shall take final action to approve, void, or deny permit applications according to the following schedule.(1) For those initial applications required to be submitted by February 1, 1998, the executive director shall take final action on at least one-third of those applications annually.(2) For any permit application containing an early reduction demonstration under FCAA, §112(i)(5) (Early Reduction), the executive director shall take final action no later than nine months after receipt of the complete application.(3) Except as noted in paragraphs (1) and (2) of this section, the executive director shall take final action on an application for an initial permit or permit renewal no later than 18 months after the date on which the executive director deems the application complete.