Housing Tax Credit Stakeholder,
The Iowa Finance Authority's (IFA) Housing Tax Credit team recently completed a Lean Event with the goal of creating a more efficient process for project developers and related parties.
Many improvements to the application process were identified as a part of this process.
Changes that will be implemented as part of the application that is due by March 11, 2020, include:
- The Timeline Tab has been eliminated.
- Exhibit 9B Preliminary Costs has been eliminated.
- The property legal description does not need to be entered into the threshold application. Once a project is awarded credits, this information will be entered prior to the Carryover 10% Test.
- The Specification portion of the Exhibit 8B is not required as part of the threshold application.
- The Qualified Developer Team data requirements will be reduced – application update on or about 2-17-20.
- Exhibit 15T State Agency Performance Information data requirements will be reduced – application update on or about 2-17-20.
- Acknowledgements and Certification Tab will be eliminated from the application and Exhibit 1T Application Certification will be updated to include those requirements. Exhibit 1T will become an application-generated form with pre-filled entity information – application update on or about 2-17-20.
- In the past, once a developer received an award of credits, IFA required attendance at an award meeting. This mandatory meeting has been eliminated; however, IFA will hold meetings as requested by developers.
- Based on the current QAP, IFA will provide a threshold deficiency notification and developers are required to respond within 21 days. THIS WILL BE THE ONLY DEFICIENCY NOTICE, so please make sure your response is timely and complete. There will not be a second opportunity to respond. IFA will be as specific as possible regarding items that need to be clarified during this 21-day period.