See how a development moves through the process from Conditional Reservation to final allocation of the Low-Income Housing Tax Credit.
Once the NIFA Board approves a Conditional Reservation, the applicant must submit documentation of the following to NIFA within 90 days of the notification of such Conditional Reservation:
Note: Failure to submit the above requirements and/or other conditions imposed by NIFA, by the required deadline, will result in late fees and could result in the revocation of the development's Conditional Reservation of LIHTCs and AHTCs. Extensions may be requested as set forth in the Allocation Plans for 4% or 9% LIHTCs.
NIFA will grant a Carryover Allocation for developments that will not be placed into service in the same year as a Conditional Reservation was issued.
To receive a Carryover Allocation, the owner must:
NIFA will grant a Carryover Allocation upon receipt and review of the following completed Carryover Allocation Documentation:
When all conditions and requirements of this section have been deemed satisfied by NIFA, we will execute the Carryover Allocation Agreement and return one copy to the Owner.
10% Test Certification Requirements (to be submitted no later than June 30th of the year following the Carryover Allocation Agreement)
An owner must notify NIFA when a development has been placed-in-service. NIFA will issue IRS Form 8609(s) contingent upon the owner submitting all documentation detailed in the Final Cost Certification Procedures Manual. Must be provided within 60 days of last building being placed in service.
© NIFA 2021