Developer Close Out Instructions for Workforce Housing Tax Incentive Projects

The project close out process is typically 30 days or less from the date on which IEDA has received all necessary information.

Instructions for closing a WHTIP project

1. Upload all required information into Iowagrants.gov under “Required Uploads”
   1. Schedule of Claimed Expenses Form
   2. Tax Release Authorization Form (Download and fill out)
   3. Articles of Incorporation
   4. Certificate of Existence
   5. Local/State Building Code Compliance (Certificate of Occupancy)
   6. Third party auditor’s report/CPA Examination
      1. The report or examination must be on letterhead and signed by the CPA.
      2. CPA examinations must be completed in accordance with the American Institute of Certified Public Accountants’ statements on standards for attestation engagements, completed by a certified public accountant (CPA) authorized to practice in this state. The attestation applicable to this examination is SSAE No. 10 (as amended by SSAE Nos. 11, 12, 14), AT section 101 and AT section 601. The procedures used by the CPA to conduct the examination should allow the CPA to conclude that, in the CPA’s professional judgment, the expenditures claimed are eligible pursuant to the agreement; Iowa Code chapter 15, subchapter II, part 17; and all rules adopted pursuant to Iowa Code chapter 15, subchapter II, part 17, in all material respects.
2. Download Written Certification Statement from Iowagrants.gov under “Required Documents.” Review and sign the statement. Upload into Iowagrants.gov under “Required Documents.”
3. Submit $500 Origination Fee to IEDA.
   1. Payment should be made in the form of check and should be made to Iowa Economic Development Authority, note on memo line “Origination Fee for (insert contract number i.e. 22-WHTIP-000)”
   2. Please send payment to:
      Iowa Economic Development Authority
      Attn: Nick Sorensen 1963 Bell Avenue, Suite 200
      Des Moines, IA 50315
4. Please review all contact information in Iowagrants.gov under “Project Information”. Please review names, address, phone number, email address and tax ID number to ensure all information is correct. Please contact Nick Sorensen with updates to contact information.

Receiving tax credit certificates

Upon submittal of documentation listed above and Origination Fee, IEDA staff will review submitted information. If there are questions or missing information, IEDA will notify recipients.

Recipients will receive an email from IEDA once the close out process has been completed. This email will provide the amount of the Compliance Fee to be collected.

5. Before IEDA can issue tax credit certificates for a project, we are required to collect a Compliance Fee equal to ½ of 1% of the amount of tax credits for the project. Payment should be made in the form of check and should be made to Iowa Economic Development Authority, with a notation that payment is for “Compliance fee for (insert contract number)”
   1. Please send payment to:
      Iowa Economic Development Authority
      Attn: Nick Sorensen
      1963 Bell Avenue, Suite 200
      Des Moines, IA 50315
   2. This fee is described in Section 4.4(k) of the Workforce Housing Tax Incentive contract with IEDA. IEDA is required by Iowa Code to collect this fee. (Iowa Code Section 15.354 (3)(b)).
6. After the Compliance Fee is received, IEDA will notify the recipient that the tax credit certificates, both the investment tax credit and the sales tax refund, are available for download.
7. Certificates can be found on the project administration page found on iowagrants.gov under “Electronic Documents.”