N. Post Award

Table of Contents

  1. Assignments Tab

The Project’s team will receive assignments from Reservation through 8609.

  • A red flag will indicate an assignment.
  • Assignments may be viewed for all awarded projects or for just a specific project for Developers with multiple awarded projects.
  • Specific assignments must be completed prior to submission of the Carryover â€“ 10% Test Application and the IRS Form 8609 Application. If not completed, an error message will be received. The outstanding assignment will need completed prior to Application submission.

IFA encourages the Project team to establish a procedure to monitor the assignments and coordinate the completion of assignments and the submission (upload) of the required Prior to Placed-in-Service documents and construction documents to ensure timely completion of assignments.

  1. Construction Tab

Awarded Projects must upload construction documents to the Construction Tab. Instructions will be provided to each awarded Project in the Developer Award meeting and the required documents are listed on the Construction Tab.

  1. Carryover Allocation Agreement and Carryover-Ten Percent (10%) Test Application

The Application Package Checklist will be available on IFA’s website under the applicable federal housing tax credit round. Exhibits are available on the Exhibits Tab.

  • Submission is due within 11 months following the date of the Carryover Allocation Agreement. A red flag will appear on the Assignments Tab for this submission requirement.
  • An extension request can be submitted through the Application by selecting â€śRequest Extension Tab” prior to the submission due date. The late submission fee invoice is created with the submission of the extension request and must be paid prior to Application submission.
  • The construction monitoring fee is due at submission of the Carryover-Ten Percent Test Application.
  • For Projects that received points for Permanent Supportive Housing (homeless units), the written Agreement with the Qualified Service Provider is required in this Application Package submission.
  • The legal description required to be entered on the Site Description Tab and shall match the warranty deed or recorded long-term lease and Iowa Title Guaranty documents.
  • The Ownership Entity must have site control by the Application submission due date.
  • Update the Ownership Entity Components on the Ownership Entity Tab with the investor limited partner and special limited partner, if applicable. The percentages for the limited partner and special limited partner, if applicable, must match the Ownership Entity’s Limited Partnership Agreement or Operating Agreement with the Investor. The percentages entered will be used for the tax credit calculation on the Costs and Credit Calc. Tab.
  • Add the special limited partner to the Qualified Development Team Tab, if applicable.
  • The Reasonable Expected Basis calculation is shown at the bottom of the Costs and Credit Calc. Tab. Hover over the number to see the calculation.
  • IFA shall send a deficiency report requiring correction(s) or clarifications/responses.
  • Applicant shall make the requested changes and submit the deficiency response through the Application.

A written notice to the Ownership Entity is provided stating whether the 10% Test was met or not met.

  1. Land Use Restrictive Covenants Agreement (LURA)

IFA will issue the LURA following receipt of the IRS Form 8609 Application and confirmation of final underwritten credit amount and the applicable fraction.

  • Upon receipt of the signed LURA from the Ownership Entity, IFA will execute and send the LURA for recording.
  • The LURA must be recorded no later than December 31st of the calendar year of the first year Tax Credits will be claimed.

  1. Change in Application Request

After award, change requests must be submitted through the Application by selecting "Request a Change Tab".

If IFA determines the change request is a Material Change, the Material Change in Application Fee will be billed to the Ownership Entity and one point will be deducted for any Application submitted in the next tax credit funding round per the QAP.

The Change Request process will be provided during the Developer award meeting.

  1. Prior to Placed-in-Service Documents

Required documents are listed on the Prior to Placed in Service (PIS) Tab for awarded projects. Submit no later than 120 days prior to the first unit being placed in service and before leasing begins. Contact [email protected] with any questions.

  1. IRS Form 8609 Application

The IRS 8609 Application Package Checklist shall be posted on the IFA website annually. Exhibits are available on the Exhibits Tab.

  • An assignment will appear for submission of the IRS Form 8609 Application Package. A red flag will appear under “Assignments.”
  • A due diligence review will be conducted and must be satisfactory prior to issuance of an IRS Form 8609.
  • Awarded Applicants shall submit the IRS Form 8609 Application Package through the online Application no later than the date set forth in the QAP unless an extension has been requested and approved. An earlier submission is acceptable and encouraged if an Applicant has a complete IRS Form 8609 Application Package.
  • The 8609 Application and Compliance Monitoring Fee payments are due on submission.
  • Request an extension through the application by selecting the Request Extension Tab.
  • IFA will send a deficiency notification through the application requiring correction(s) or clarifications/responses. Applicants must make requested changes and submit the deficiency response through the Application.
  • IFA will send a written notification showing the final Tax Credit determination based upon the final 8609 underwritten application.
  • The Ownership Entity must sign and return the notice of the final underwritten tax credit amount.
  • IFA shall issue IRS Form 8609 after all required Application Package documents are submitted, reviewed, and payments for all applicable fees have been paid.