Test Formatting Line Breaks

  1. Project Description

    1. If the project is a Renter to Ownership Single Family Education Program (ROSE) Project, check the box and upload Exhibit 19T to the Exhibits Tab.
      • ROSE Program is not available if a Project elects points for Permanent Supportive Housing.
    2. Transitional Housing. Answer the question.
      • A transitional housing unit shall contain sleeping accommodations, kitchen and bathroom facilities and be in a building that is: 1) Used exclusively to facilitate the transition of homeless individuals to independent living within 24 months (within the meaning of section 103 of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11302). 2) In which a governmental entity or qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing. 3) A transitional housing unit can be rented on a month-to-month basis and not be considered transient.
    3. Answer the question whether the proposed Project will have Permanent Supportive Housing units (homeless) as defined in Appendix D. of the Appendices Package.
      • A “yes” will indicate requesting points under QAP Part A, Section 6.1. C - Projects Providing Permanent Supportive Housing; however, all requirements of the scoring category must be met to qualify for points.
      • Only Applicants that have an approved Qualified Service Provider (QSP) can make this election. A QSP is project-specific and approval must be made through the Application. An approval for a QSP for one Applicant does not automatically qualify that QSP for any other Applicant or proposed Project.
      • To qualify for points under QAP, Part A, Section 6.1 C., must have a Full Team, consisting of, at a minimum, a Developer, service provider, and property manager (a single entity may fulfill multiple roles) that has successfully completed the Iowa Supportive Housing Institute as evidenced by a letter from the Corporation for Supportive Housing (CSH) confirming successful completion of the Institute and adherence to CSH's Quality Dimensions.
      • Upload Exhibit 1S-1 (CSH Letter) to the Exhibits Tab.
      • To qualify for the Basis Boost under QAP, Part A, Section 5.3 - Projects Providing Permanent Supportive Housing, at least 10% of the Units must be entered as permanent supportive housing units for scoring points or 15% of the Units must be permanent supportive housing for scoring points for a 15% boost.
      • When entering units, indicate the number of Units that will be set-aside as permanent supportive housing. If project-based vouchers have been committed for these units or the permanent supportive housing provider is providing rental assistance, enter a rent amount; otherwise, $0.
    4. Rental Assistance.
      1. Federal Project Based Rental Assistance Contract.
        • Answer yes or no to the question on federal project-based rental assistance contract.
        • If yes, enter the number of units covered under the contract, the subsidy source, and check the box for the applicable type of rental assistance contract the project is funded under. If Rural Development (RD), enter the loan number.
        • If a HUD contract, enter the contract number(s) on the Buildings Tab and if the current federal project-based rent exceeds the LIHTC Rent limit, check the box on the Buildings Tab to exceed the rent limit.
        • The rent and utility allowance entry on the Buildings Tab must match the current HUD or RD rent schedule that will automatically pull into the Application from IFA’s Section 8 software if the HUD contract is entered correctly. A higher rent amount due to participation in Mark up to Market or any other rent increase process is not permitted unless it has already been approved by HUD or RD.
        • Make sure to enter the HUD Contract number correctly.
        • To qualify for points under Section 6.1 D. Project-Based Rental Assistance, 25%, 50%, or 75% of the total Project Units must be covered by the HUD or RD rental assistance contract.
        • Upload Exhibit 7T/7S-HUD or 7T/7S-RD and Exhibit 3S on the Exhibits Tab.
        • Scoring points will not appear on the Scoring Tab until all units are entered on the Buildings Tab.
      2. Project-based voucher from local Public Housing Authority (PHA).
        • To request points, answer yes, complete the required information, upload Exhibit 2S on the Exhibits Tab.
          • Answer yes if the local PHA has committed project-based vouchers to the project for at least a period of 10 years.
          • Enter the number of project-based vouchers and the number of years the PHA has committed to providing these vouchers to the project.
          • When entering units on the Buildings Tab, check the PBV (Project-Based Voucher) and City or State Home checkboxes if the PBV unit will also be a HOME unit.
    5. Transfer of Physical Assets. Answer questions on Transfer of Physical Assets as applicable.
    6. Community Service Facility. If any building in a Project is in a HUD designated Qualified Census Tract (QCT) and will include a community service facility, then answer yes and provide an explanation about the services provided in the community service facility.
      • Answer the question regarding fees and enter amount, if applicable.
      • Enter costs on the Costs and Credit Calc. Tab and identify the building that contains this facility.
      • Upload Exhibit 18T on the Exhibits Tab.

  2. Nonprofit Set-Aside (if applicable)

    • Enter information into the tab and save. Information on this tab must be consistent with information entered on the Qualified Development Team Tab for the nonprofit and/or its wholly owned subsidiary.
      • Upload Exhibits 1SA, 2SA, 3SA, 4SA, and 5SA on the Exhibits Tab. If State HOME funds are requested, upload Exhibit H-9– Nonprofit Status on the Exhibits Tab

  3. Site Description

    • Enter a detailed description of the current use of the property, all adjacent property land uses, and surrounding neighborhoods in the description box at the top of the page. The description will populate into Exhibit 7B.
    • Adaptive Reuse Projects must enter the current and prior use of the building(s).

  4. Site Requirements.

    1. Answer the question on whether the entire Project is in an incorporated city as of the date of Application submission.
    2. Access to Utilities.
      • Check the boxes identifying the utilities available at the site and with adequate capacity. If any utilities require upgrades do not check the box but rather enter the explanation and then “yes” on the upgrade box.
      • Enter an explanation if all utilities are not available at the site(s) with adequate capacity.
      • Answer the question whether any utility extension is required.
      • Answer question if a utility extension is required beyond normal connection.
      • If a utility extension is required, answer whether it is a de minimus extension.
      • Answer question on the utility extension costs and funding source.
      • Answer question on whether utility upgrades are required to serve the project.
      • If upgrades are required, answer the questions.
    3. Answer question on whether the site/Project has direct contiguous access to a public paved road.
      • Enter an explanation and information on the road extension if no direct contiguous access to a public paved road.
      • If yes, answer the question on whether an extension of a public paved road is required. If yes, answer the following questions:
        1. a) Is the extension de minimis or more than de minimis?
        2. b) Will the cost of this extension be included in the Project Costs? (Only de minimis extension costs may be included in Project Costs).
        3. c) Enter an explanation if costs are not included in Project Costs.
    4. If demolition of any building is required or planned, answer yes, and enter a description of the demolition plan.
    5. Answer the relocation question if a residential building(s) exists on the site. If yes, enter relocation plan information and save.
      • The relocation budget amount entered must match the amount entered on the Costs and Credit Calc. Tab.
      • If State Home is requested, upload Exhibit H-11 Relocation Plan to the Exhibits Tab.
    6. Check all boxes identifying site characteristics (detrimental) that are true for any portion of the project site(s) and adjoining sites.
      • Enter explanations for each box checked.
      • Upload Exhibits 6B(a), 6(B)(b) and 6(B)(c) on the Exhibits Tab.
    7. If State HOME funds are requested, answer the Noise Sensitive Condition questions and upload Exhibit H-12 Noise Abatement and Control, H-15 Site Neighborhood Standards, and Exhibit H-13 Flood Zone-FEMA FIRMETTE map of each site on the Exhibits Tab.
      • Answer the zoning question. Zoning must be appropriate for the proposed Project at the time of Application submission. IFA will confirm the zoning on Exhibit 7B, as well as any other exhibit submitted.
    8. Legal Description. A legal description is required to be entered in the Carryover-Ten Percent (10%) Application. Enter the complete legal description of the real estate encompassing the proposed project.
      • The legal description entered shall match the legal description in the warranty deed/recorded long term lease and Iowa Title Guaranty documents.

  5. Site Control

    1. Answer the question for Identity of Interest between seller of the real estate for the Project and the Applicant.
      • If yes and the purchase price is more than $1, an appraisal is required; however, if there’s a reason why an appraisal is not necessary email [email protected]to request approval from the Tax Credit Director to not submit an appraisal. If approved, upload the Tax Credit Director’s approval email as Exhibit 2B; otherwise, an appraisal is required and must be uploaded as Exhibit 2B on the Exhibits Tab.
    2. Enter the entity name that has site control for the entire Project (site(s)) (the Ownership Entity, the Developer, General Partner, or Affiliate (must be listed on the Qualified Development Team Tab.
      • Upload Exhibit 1B to the Exhibits Tab.
    3. Answer the questions on whether the Ownership Entity has sole fee simple title to the property.
      • If the answer is no to sole fee simple title, answer the questions regarding option to lease or executed lease and if more than one.
    4. Answer the questions regarding the city parking requirements.
    5. Answer the question whether any part of the proposed Project contains an alley or public right of way that has not been vacated. If yes, answer the question whether the vacation process has started and the date it will be completed.
    6. If the Ownership Entity does not have sole fee simple title to the proposed real estate for the entire Project, the Applicant must have an executed and exclusive purchase option or contract or executed lease with the sole fee simple title owner of the property, not with a third party that holds a purchase option or contract/lease with the sole fee simple owner.
      • The option or purchase contract must not include more acreage than required for the proposed Project. Excess land/acreage is not permitted.
      • The total purchase price entered must match the amount entered on the Costs and Credit Calc. Tab.

      • If Option to Purchase or Purchase Contract, select “Add Option to Purchase or Purchase Contract” and enter the following:

        Name of Seller(s)/Optionor(s)

        Date Seller/Optionor obtained ownership on the real estate:

        Will or has an Identity of Interest with the Applicant?

        If yes to Identity of Interest, explain relationship:

        Purchase Price:

        Option/Contract End Date (valid to date)

        Acreage

    7. If the Applicant has an Option to Lease for all or a portion of the real estate for the proposed project, check the box Leasehold Interest – Option(s) to Lease and select “Add an Option to Lease” and enter the following:

      Name of Optionor

      Date Optionor obtained ownership of the real estate

      Will or has an Identity of Interest with the Applicant 

      If yes to Identity of Interest, explain relationship:

      Is Option for parking spaces or land for parking spaces?

      If Optionor is a city, has the city council approved the city to enter into the Option to Lease through City Resolution?

      Option End Date:

      Acreage

    8. If Applicant has an executed lease for all or a portion of the property, check the box Leasehold Interest – Executed Lease(s), select “Add an Executed Lease” and enter the following:

      Name of Lessor

      Date Lessor obtained ownership of the real estate 

      Will or has an Identity of Interest with the Applicant? 

      If yes to Identity of Interest, explain relationship:

      Lease Start Date:

      Lease End Date:

      Acreage

    9. Low-Income Housing Credit for Existing Building (Required when acquisition credits are requested)
      • Answer the question as to whether the building(s) has been previously placed in service by the Ownership Entity listed in the Application.

      • Answer the following question: Will or has the Applicant acquired the real estate from a seller who is/was a related person.

        If yes, enter the percentage of ownership interest (direct or indirect) in the Ownership Entity and the percentage of ownership interest (direct or indirect) in the seller. Please consult with a tax attorney on eligibility for acquisition credits if the transaction involves related parties.

      • Upload Exhibit 8T to the Exhibits Tab.
    10. Answer the question on whether cash from project reserve accounts will be transferred to the Ownership Entity with the acquisition.
      • If yes, enter amount and check the certification box.
    11. Answer the questions for ingress/egress access easements.
    12. Answer the question for Vacation of a Public Right to Use.
      • If yes, enter an explanation.
      • Check the box - Applicant understands that the threshold site control requirements of the QAP for the vacation process of any public right to use area must be completed as a purchase option or purchase contract must be executed from a seller authorized to sell.

    13. Existing Buildings – Section 42(d)(2)(8) “TEN-YEAR RULE”.

      This section appears when acquisition credits are requested and there is less than 10 years between the taxpayer’s acquisition date and the placed-in-service by the current Owner. Enter an explanation supported by the Internal Revenue Code explaining why the taxpayer is eligible for tax credits.

      • Enter the Code reference.
      • Upload Exhibit 8T to the Exhibits Tab when acquisition credits are included on the Costs and Credit Calc. Tab. Exhibit 8T must not be modified from IFA’s template.

  6. Ownership Entity

    1. Complete entire tab and upload all applicable 3T exhibits on the Exhibits Tab.
      • Entity type and status selected should match the applicable Ownership Entity’s 3T exhibits.
      • The tax identification number entered for the Ownership Entity must match Exhibit 3Ta.
    2. Ownership Entity Components. Select, “Add Ownership Entity Component” and enter information on the General Partner/Managing Member/Manager and the Limited Partner and Special Limited Partner, if applicable, along with the percent of ownership for each.
      • The percentage of ownership will be shown on the Costs and Credit Calc Tab and used in the calculation of tax credits.
      • Entity names and the ownership percentages must match the Ownership Entity’s 3T exhibits and the General Partner(s)/Managing Member’s limited partnership agreement or operating agreement.
      • The tax Identification Number (TIN) for the General Partner(s)/Managing Member(s)/Manager(s) must match entries made on the Qualified Development Team Tab for these entities.
      • The special limited partner must be added after closing with the syndicator or direct investor, if applicable, and the % of ownership interest unless known at the time of initial application submission.
    3. Answer the question about the number of authorized signor(s) and enter information.
      • The organizational documents should list authorized signors as listed in the Application and the title should be reflected in the Application as is in the operating agreement or partnership agreement.

  7. Qualified Development Team

    Before generating Exhibit 1T on the Exhibits Tab, complete the entry of the entity names for the Developer/Co-Developer, Ownership Entity, the General Partner/Managing Member/Manager, Architect, development consultant (if applicable), and management company. The Application will pre-fill these entities into the Exhibit 1T.

    1. Enter all mandatory team members by selecting, “Add New Team Member” and enter information into each team member tab.
      • If an entity is in more than one team member role, enter the entity and save. Select “Add New Team Member” and select “Copy From an Existing Team Member.”
      • If one of the team member “titles” does not match the type of team member, list the entity as “other” and explain the role.
    2. The Energy Consultant must be an accredited third party 2020 NGBS Green Verifier by HOME Innovations.
    3. Enter the tax identification number and the date the entity was formed in the Due Diligence Certification and Release section and upload Exhibit 1Ta on the Exhibits Tab.
    4. Enter an explanation regarding the experience of a team member if requested. (Developer/GP/MM, Member, Manager, 100% Shareholder).
      • One Qualifying Entity is required. Answer the question yes or no to designate the qualifying entity. If yes, indicate if the entity itself or affiliate. If affiliate, provide affiliate name.
      • Select Add Project and enter required information and upload the IRS Form 8609. The IRS Form 8609 upload is required to save.
      • If Developer, enter the % of Developer and Consultant Fee.
      • If GP/MM/Manager, enter % of ownership.
    5. Tax Credit Experience Answer the question whether the entity has at least 1 Iowa Project for which an IRS Form 8609 has been issued between January 1, 2017, through December 31, 2026.
      • If yes, enter up to three projects and the required information into the table to receive the maximum three points for this scoring election. An Applicant may only receive a total of 3 points under the Tax Credit Experience scoring category.

    6. Answer the question on whether the entity has at least 3 Projects for which an IRS Form 8609 has been issued between January 1, 2020, through December 31, 2026.

      • If yes, enter up to three projects and the required information into the table to receive the maximum three points for this scoring election. An Applicant may only receive a total of 3 points under the Tax Credit Experience scoring category.
    7. Performance.
      • Answer the question on requesting and receiving a material change in application for an Iowa Tax Credit project.
      • Answer the question on the Carryover-Ten Percent Application Submission extension request and approval for an Iowa Tax Credit Project in the last calendar year from the Application submission due date.
      • Answer the question on closing with a syndicator/direct investor within 10 months of the date of the Tax Credit Award letter on a 9% Tax Credit Project. Upload the requested documentation.
    8. Material Participation of a Qualified Nonprofit. This section appears if the Nonprofit Set-Aside is requested.
      • Answer the questions in accordance with the Nonprofit Set-Aside and QDT Tabs.
    9. Organizational Structure. Select “Add” and enter the entity or individuals with ownership and the percent of ownership.
      • After saving the entity information, enter the officers/directors/members, stockholders, or partners of the entity.
      • If more than one entity has ownership of the GP/MM, repeat.
      • Board Members should not be visible on the first screen under organizational structure.
    10. Enter the number of Authorized Signors required for the applicable team member and the name(s) of the authorized signors. Make sure names and titles match the organizational documents.

  8. Ineligibility

    Review the Ineligibility questions with all team members and affiliates thereof and obtain answers prior to entering the answers and explanations on this tab.

    • Provide explanations and entity names if any box is checked.

    • Check the box “None of these apply”, if applicable.

      IFA will follow up with any issues with due diligence and require a satisfactory due diligence review to be completed prior to any LIHTC award.

  9. Project Amenities

    1. Required Minimum Development Characteristics for Site, Buildings, and Units. The mandatory requirements set forth in the QAP listed by Site, by Building/Units are greyed out except for the categories an election must be entered for.

    2. Tenant Dedicated Common Space (TDCS) must have a description entered to define the area being used and should be one specific area, inside or outside, that meets the minimum net square footage requirement. If the designated TDCS is listed elsewhere on the Project Amenities Tab as an option, do not check the box to include it twice.
    3. Community Room, if applicable, enter square footage unless the community room is the tenant dedicated common space then don’t check the box or re-enter the square footage.
    4. Market Appeal. Check the box for each category points are requested. (Maximum of 5 points.)
    5. Other Site, Project/Unit Amenities. Answer the question for on-site manager/employee’s unit (common space unit).
      • If a community building is planned as part of the project, check the box and enter the square footage. Enter the building separately on the Buildings Tab if the community building is not attached to any building.
      • Answer questions on the use of the community/common space.
    6. On-site Supportive Services. If points are requested for Permanent Supportive Housing (homeless), enter the number of designated rooms/offices to provide supportive services and the net square footage(s). An on-site leasing office does not qualify as a room/office for on-site supportive services.
    7. Site Amenities. Enter the type of parking and the number, and whether rent will be charged under the correct category – off-site and/or on-site (as applicable). If rent is charged, enter the amount.
    8. Project Amenities. Check the applicable amenities provided. Use “other” to list an amenity not listed.
      • If the project has market rate units, enter the differences in the LIHTC and Market Rate Unit Amenities. If there are no market rate units, leave the field blank.

  10. Scope of Work (Acquisition/Rehabilitation and Rehab Projects Only)

    Enter information for the Scope of Work. Make sure scoring points requested is consistent with Scope of Work.

  11. Buildings

    1. If any part of the Project is NC and does not have an assigned address, enter the latitude and longitude of the project’s entrance (driveway).  If a scattered site, enter the latitude and longitude for each site.
    2. Answer the question whether all buildings are eligible to receive federal historic tax credits.
      • If yes, enter state and federal historic tax credits on the Funding Sources Tab and upload Exhibit 6Ta on the Exhibits Tab. Make sure no taxpayer identification number is included (remove prior to uploading).
      • If requesting points for having a National Park Service approved Part 2 application, make the election on the Site Appeal Tab and upload Exhibit 1S-12.
      • If the project has a few buildings eligible for federal historic tax credits and not all buildings, enter which buildings are eligible to receive federal historic tax credits when entering each individual building.
    3. Answer the question on fixed or floating Units for the State HOME units.
    4. Tenant-Paid Utilities. Select “Add New Tenant Paid Utility,” name the utility allowance, and make an election in the drop down for the source (HUSM, PHA, RD, or HUD (if Section 8). Enter amounts by bedroom size for each tenant paid utility.
      • Utility types(s) will be entered on the Project Amenities Tab.
      • The utility allowance must be assigned to each building on the Buildings Tab.
      • Upload Exhibit 11T on the Exhibits Tab.
    5. Entry of Community Building. Select “Add New Building”

      • If a building will have no residential units but will be used for all residents in the project, check the first box on the Buildings Tab. Check if Building is Common Space only. This eliminates questions not required unless the building has residential units.

    6. For residential buildings, select “Add New Building” and enter all information.
    7. Address Information. Try to use an approximate address. If not a current valid address the census tract will not populate into the application. The look-up verification for census tracts and congressional district requires a valid address.
      • Type in the correct census tract in the census tract field and save if it does not automatically populate after entry of address. Do not use (0) for a census tract.
      • Check the box for “Primary Address” for the building in which you want to use for the project’s primary address.
      • Enter the address number, street name, city, and the correct nine-digit zip code. The “blue” zip code reference is a link to the United States Postal Service that will provide the complete nine-digit zip code. If a site does not have an assigned address number and/or street name, email [email protected]for approval to use an alternate primary address for the Google maps for the applicable Site Appeal categories. Provide the approval email in the applicable exhibit upload with the Google Map.
      • Applicants will receive Thriving Communities points based on location entered on the Buildings Tab. All buildings must qualify to receive points.
      • Upload Exhibit 16T to the Exhibits Tab if the entire project is in a QCT or DDA.
    8. Other Information.
      • Enter the number of stories.
      • Enter the building type.
      • Enter anticipated placed-in-service date.
      • If there is an existing building, enter date constructed.
      • Enter the number of Units Accessible for Mobility Impairments and the number of Units with Accessible Communication Features in each building.
        • The number must match the number of units entered as each accessibility type.
        • The Units with Accessible Communication Features unit count requirement is in addition to the Units designed for individuals with mobility impairments (fully accessible per UFAS).
      • For Type of Control, select the correct type of control in the drop down and it should match the Site Control Tab and Exhibit 1B. Select the options/contracts that apply to the building. If there is more than one option/contract, select the correct one for each building.
      • Enter the acquisition date, acquisition cost, rehabilitation cost, and date placed in service by previous owner (if applicable)
    9. If the project has buildings that have been part of a prior or existing LIHTC Project, answer the questions and enter the Building Identification Number (BIN) previously assigned to the building.
      • Enter information on the LURA and the minimum set-aside election shown in the LURA.
      • If any building is part of an exhibit federal housing tax credit project, enter information about the start of the initial 15-year Compliance Period and whether the building is part of an existing federal housing tax credit project that is currently in good standing and has completed the 20th year of the Extended Use Period.
    10. Check the box for each utility included in the rent.
      • If the Project is a ROSE Program Project, all utilities must be tenant paid utilities.
    11. Assignment of Heating, Cooling, and Water Heating to Building. Select the applicable name made on the Project Amenities Tab.
    12. Tenant Paid Utilities. In the drop-down, select the name of the tenant-paid utility that is to be assigned to the building. (A PHA utility allowance should be shown as PHA and not HUD.)
    13. Answer the question on additional charges that are mandatory charges required for tenancy. If yes, enter the amount and an explanation of the mandatory charge.
      • Mandatory charges shall be reflected in the gross rents.
    14. Answer the question on sub-metering and if yes, check the box to certify that in each sub-metered rent-restricted unit, utility costs will be billed and paid by tenants based on actual consumption and treated as paid directly by the tenant for purposes of Section 42(g)(2)(B)(ii) of the Internal Revenue Code.
    15. Laundry. Enter the laundry type for the building.
      • If the building is 100% common space building and no common laundry area within the building, enter 100% Common Space Building. Laundry not provided.
    16. Building Includes:
      • If the building will have a Community Service Facility and is in a Qualified Census Tract (“QCT”), check the box and upload Exhibit 18T on the Exhibits Tab. (If yes, make sure the information on the community service facility has been completed on the Project Description Tab.)
      • If the building is an accessory building, check the box and enter the cost on the applicable line on the Costs and Credit Calc Tab.
      • If the building has commercial space/facilities, check the box. Enter commercial space net square footage under Square Footage heading.
      • If there are other facilities, check the box.
      • Check the elevator box if the building has or will have an elevator and enter the number of elevators.
    17. Select the applicable Main Entrance Area option for the building type.
    18. Enter the net square footage for the common areas and any commercial space (if applicable) for each building and the gross square footage of the building.
      • The residential square footage and the total net floor square footage will populate. (A Manager’s Unit is considered common space and not a residential unit).
      • Plans must show the net square footage of all units and rooms in each building and provide the overall gross square footage of each building.
      • Net square footage entered must match the net square footage shown in the uploaded 8B (plans).

    19. Enter Units. Select Add New Unit(s)

      • All units of the same bedroom size shall not differ in more than 150 net square feet.
      • Enter the number of units for the building by bedroom size, net square footage, AMI %, accessibility type, rent, new or rehab, etc. The utility allowance amount will auto-populate if a tenant-paid utility allowance has been entered and assigned to the building.

      • The county and the census tract need to appear at the top of the building tap after entering the address and nine-digit zip code otherwise rents cannot be entered as without a county, there is no way for the application to populate the maximum gross LIHTC rent.

        Example:

        Number of Units:

        # of Bedrooms:

        # Baths:

        Net Sq. Ft.:

        AMI%:

        Monthly Rent

        • Check if Unit is for Rent Reduction Permanent Supportive Housing (Yes or No):

        Accessibility Type

        New Construction or Rehab (if applicable)

        • Check if a State HOME Unit.
        • Check if City HOME Unit
        • Check if Project-Based Voucher Unit (required if there is a need to exceed the HOME rent limit when a HOME/LIHTC unit with a PBV and the gross rent will exceed the HOME rent limit).

      If awarded, the Application will require unit numbers in the 8609 Application. The unit summary from threshold and carryover will automatically be individual unit listings in the 8609 Application.

  12. Funding Sources

    1. Enter the estimated price on the sale of federal tax credits. The equity price must match Exhibit 10T.
      • The equity price may not be changed during the threshold deficiency period unless requested by IFA.
      • For awarded projects, do not change equity pricing for any reason in the IRS Form 8609 Application (for example: adjusters).
    2. Federal Resources. Answer yes or no if the Project will include a federal resource as part of its funding.
      • If yes, check the box next to each type of federal resource and if it is not listed, add it under Other and provide explanation.
    3. Funding Sources. Select “Add New Funding Source” and enter the information for each funding source. A financing letter of intent is required – refer to the Exhibit Checklist on the Exhibits Tab or Appendix N of the Appendices Package.
      • Existing assumed debt will be included in total funding sources on the Costs and Credit Calc. Tab unless the box is checked to exclude it.

  13. Costs and Credit Calc.

    1. Costs. Enter the cost in the first column.
    2. Eligible Basis. Enter amounts in the applicable 30% PV (4%) or 70% PV (9%) column(s).
    3. If there is an existing field, do not enter the cost under “Other.”
    4. “Other” amounts entered require a cost break-down and explanation.
    5. If a large amount is planned for on-site work, provide a cost breakdown in the comment box at the bottom of the page.
    6. Off Site Work for Utility: If de minimis, the costs may be included in Projects Costs. If the amount is listed, the answer on utilities on the Site Description Tab must reflect de minimis.
    7. Off Site Paved Road: If a de minimis extension is required, the cost may be included in Project Costs. If an amount is listed, the answer on the extension must be de minimis on the Site Description Tab.
    8. If fees are charged for garages or parking, the cost must be entered separately and not included in the construction or rehabilitation line item. List in Section II. Site Work – Garages (not included in rent) and/or Parking (not included in rent).

    9. If Accessory Building was selected on the Buildings Tab, enter the cost on the Accessory Building line item.

    10. If Community Service Facility is applicable, enter the amount for such facility.

    11. If Garages, Surface Parking, or Underground Parking is marked on the Project Amenities Tab and will be part of the LIHTC rent, enter the applicable cost. Do not include in the construction or rehabilitation costs.

    12. Note certain energy credits will not reduce Eligible Basis. Please consult your tax accountant.

    13. Enter the applicable application and 8609 fee.
    14. IFA construction monitoring fee is automatically included.
    15. Tax Credit reservation fee should be based on the lesser credit amount from the Eligible Basis and Equity Gap credit calculation.
    16. Increase in Eligible Basis. An increase in Eligible Basis shall be listed on the line items titled “Increase in Eligible Basis.” To view the calculation, hover over the amount shown in the 70% Eligible Basis column. The maximum increase is 30%. The Financial Feasibility Tab will show the % of increase based on Application entries.
    17. For transitional housing, the supportive housing space used solely for providing supportive services to the homeless can include an increase in Eligible Basis, the Eligible Basis amount entered on the Buildings Tab will be added to the Eligible Basis. Per the IRS, the permitted amount allowable in the qualified basis is the lesser of the following: So much of the Eligible Basis of such building (the space for providing the supportive services); or 20% of the qualified basis of such building (calculated prior to any basis boost).
    18. The Project’s Applicable Fraction is the lesser of the Unit fraction or the floor space fraction as set forth in IRS Code Section 42(c)(1).
      • Each building’s applicable fraction is listed on the Buildings Tab.
      • Applicable Fraction will be part of the LURA.
    19. Tax Credit Calculation. Tax Credits are calculated based on the lower of the Eligible Basis and the Equity Gap calculations up to the Project’s Tax Credit Cap, Project Cap, or AIT Tax Credit Cap, if applicable.
    20. Equity Gap calculation cannot exceed the Eligible Basis calculation or there is a funding gap.
    21. Project Cap $1,700,000 or Tax Credit Cap per Unit (with applicable boost applied) unless an innovation set-aside project. Innovation Set-Aside maximum is $1,400,000.

  14. Projected Operating Costs

    1. Sections I-IV. Enter amounts.
    2. Section III. Enter taxes and insurance. Property taxes must be entered separately for years 1-15 with escalation. Enter explanation for how taxes were determined.
    3. If the replacement reserves will be a “flat” amount, check the box so the application will not escalate the amount on the Projected Cash Flow Tab.
    4. Include an amount for video security operating expense.
    5. If the IFA Compliance Monitoring Fee will be paid upfront, check the box.
    6. If providing permanent supportive housing, enter expense for Supportive Services as applicable.

  15. Projected Cash Flow

    1. Enter the income and expense inflation rates.
      • Management fees shall escalate at the same rate as income.
      • A 7% vacancy rate must be used for all projects unless a different rate is recommended by a lender or investor. This field is editable if a lender or investor requires a different vacancy rate.

    2. If the Project has income for less than 15 years and will not escalate, enter in the “Other” under Net Rental/Other Income and provide explanation. This shall be included in the Cash Flow, without escalation based on information entered.

      If “other” is selected, enter explanation.

    3. Enter any Parking, Stores/Commercial, Laundry/Vending and Other Income.
    4. Total Gross Income Potential at 100% Occupancy, Vacancy Allowance, Net Rental/Other Income populates automatically.
      • Income from a Manager’s Unit is included in Total Gross Income but is excluded from the Vacancy Allowance Calculation.
      • Total Operating Expenses, Net Operating Income, Net Cash Flow, Debt Coverage Ratio, Ratio populates.
    5. 15 or 20-Year Cash Flow.
      • Populates based on information from entries on the Funding Sources, Projected Operating Expenses, and Projected Cash Flow Tabs.
      • If State HOME funds are requested, 20-year cash flow and taxes are required for New Construction and Adaptive Reuse Projects.
      • Net Cash Flow/Unit/Year and NOI are provided in the Cash Flow Table.
      • DSCR requirements are listed on the Financial Feasibility Tab.

  16. Financial Feasibility

    Financial Feasibility requirements must be met. The following maximum fee calculations may be viewed by “hovering” on the calculated amount:

    • Tax Credit Cap per LI Unit
    • Developer Fees
    • Builder and General Contractor Fees
    • Construction Contingency
    • Soft Costs Contingency
    1. Operating Expenses. The operating expense requirements are subject to IFA review.
    2. Debt Coverage Ratio. The DSCR requirement set forth in the QAP is provided and the Project’s yearly DSCR is listed. This is also available on the Projected Cash Flow Tab.
    3. Operating Reserve. Answer question regarding a line of credit. If yes to irrevocable letter of credit to fund the Operating Reserve account, enter the amount and upload Exhibit 6Tb – Operating Reserve letter of intent for the irrevocable letter of credit to be used to fund the operating reserve account.
    4. Annual Per-Unit Replacement Reserves. The replacement reserve requirement set forth in QAP is listed and entry is made on the Projected Operating Costs Tab.
    5. Per Unit Tax Credit Cap. The calculated Per Unit Tax Credit Cap as set forth in the QAP is listed. The Per Unit Tax Credit Cap will be increased by the same percentage as the basis boost amount increase requested. If the boost increases credits beyond the Project Cap, the Project Cap will be applied.
      • If AI - 6% Tax Credit Cap is selected for points, the AI Cap will appear. This will be applied on the Costs and Credit Calc. Tab and the lesser of Eligible Basis, Equity Gap, or one of the caps will determine the credits.
    6. Basis Boost. Lists the applicable percentage received under the applicable Basis Boost category.
    7. Developer Fee. Lists the requirement as set forth in the QAP. Do not enter an amount that exceeds the maximum.
    8. Builder and General Contractor Fees. Lists the builder and general contractor fee requirement and calculation as set forth in the QAP. (Max. of 15%)
    9. Construction Contingency. Lists the construction contingency requirement as set forth in the QAP.
      • Projects that have acq/rehab plus new construction, The Application shall attribute all hard construction costs to the rehab portion except the amount in the new construction to figure the construction contingency minimum and maximum then allow up to amount for the new construction portion to be added to the construction contingency.
    10. Soft Cost Contingency. The maximum soft costs contingency is the lesser of $20,000 or 6% of the subtotals of the Interim Costs, Financing Fees and Expenses, and Soft Cost minus the soft cost contingency.
    11. Rehabilitation Standards. Provides the rehabilitation expenditures requirement as set forth in the QAP and the Project’s rehabilitation expenditures.
    12. Minimum Number of HOME Units. Provides the minimum number of HOME units required for and the Project shows the actual number of HOME Units entered in the Application.
    13. Maximum HOME funds for Project. Provides the maximum HOME funds that can be requested and shows the actual HOME request from the Funding Sources Tab.
    14. Maximum HOME Funds per Unit. Lists the total HOME funds per unit. HOME funds per unit cannot exceed the pro rata or fair share of the total project costs when compared to a similar unit.
    15. HOME fixed/floating Unit. Advises if the incorrect election was made on the Buildings Tab for fixed or floating HOME units.
    16. Accessible Units. Provides the actual percentage of Accessible Units (mobility impairment) and Units with Accessible Communication Features entered on the Buildings Tab for HOME.

  17. HOME Requirements (if applicable)

    • Review the HOME requirements and check the box certifying to follow all the requirements.

  18. HOME (if applicable)

    • Check the box if all units have similar amenities.
    • Enter the total Hard costs of construction/rehab for the HOME-assisted Units (not the per-unit cost).
    • Enter the total Hard costs of construction/rehab for the non-HOME-assisted Units (not per unit)
    • Check the box(es) if any of the HOME Units will be designated for any of the listed populations.
    • Enter the description and explanation fields, as applicable.
    • Complete the Capacity section.
    • Complete the Project Timeline.
    • Enter additional match not listed in the Funding Sources Tab.

  19. HOME Overview (if applicable)

    No entry. Provides a summary of information entered in the application.

  20. Site Appeal

    The category scores are averaged and rounded to the nearest whole number (0 to 5) to determine the Site Appeal score. Misrepresentations in the preliminary scoring that are intentional or blatant as deemed by IFA may result in zero total points for the entire Site Appeal scoring section. Individual site scores are averaged to determine the Site Appeal score for Scattered Site Projects.

    • For each category, check the applicable box for which points are requested. Upload all applicable Exhibits on the Exhibits Tab.
    • Enter a description for each category.
    • Exhibit 1S-2 required for Category 4 – Neighborhood Location to Services.
    • Exhibit 1S-3required for Category 5 – Location to Grocery Store.
    • Exhibit 1S-6 required for Category 6 – Location to Licensed Daycare Center, K-12 Public School, or Senior Center.
    • Exhibit 1S-7 required for Category 7 – Location to Public Transportation.
    • Exhibit 1S-12a required for Category 12 if one point is requested for QCT and CCRP.
    • Exhibit 1S-12 required for Category 12 if 5 points requested for having a National Park Service Part 2 application approved for the project.

  21. Scoring

    Review the instructions and QAP Part A, Section 6.

    • To request points for Iowa Title Guaranty, check the box.
    • Review the certification statements and check the boxes to accept the preliminary score.
    • Contact IFA prior to application submission with any questions on the preliminary score.
    • The preliminary score is not a guarantee of the final score.
    • Scoring exhibits must be uploaded prior to application submission due date for the applicable funding round.

  22. Exhibits

    • All exhibits are part of the Application.
    • The Exhibit Checklist on the Exhibits Tab provides a listing of required exhibits based upon information entered in the Application.
    • Each exhibit that is an IFA-required form or template is available on the Exhibits Tab.
    • Exhibit 7B is generated on the Exhibit Checklist on the Exhibits Tab after entering information on the Project Name and Location, Site Control, Qualified Development Team, Buildings, and Site Description Tabs. Applicants shall send the exhibit with the site plan to the city for completion and signature. Applicants shall not pre-fill Section B. prior to sending the form to the city. The uploaded Exhibit 7B must also include the site plan submitted to the city.

  23. Overview

    (No entry required – auto-fills specific information from each Tab)

    • Basic Project information.
    • Carryover Allocation Agreement and LURA available for awarded Projects.
    • Documents such as the IRS Form 8609, Carryover Allocation Agreement and the LURA are not available for public information reviewers unless the document is specifically requested and may require redaction.

  24. Permanent Supportive Housing (if applicable)

    • Complete Sections 1-4 and upload Exhibit 2HSA on the Exhibits Tab prior to the initial Application submission.
    • The Qualified Service Provider and Exhibit 1HSA must be submitted to IFA as set forth in Section 2.1 of the QAP (prior to the Application submission due date).