Conditional Reservation

Within 90 days of notification of a Conditional Reservation, the applicant must submit to NIFA documentation of the following:

  1. Payment of Reservation Fee and any other fees due to NIFA (including fees due from all other developments sponsored by such applicant).
  2. Syndication commitment (signed by both parties) outlining LIHTCs  and AHTCs equity contribution commitment or terms (i.e., percentage, proceeds to be received, etc.).
  3. A Phase I Environmental Site Assessment prepared by an unrelated third party professional.  For developments for which rehabilitation will be performed, such report must include an assessment of the risks relating to environmental conditions including but not limited to lead-based paint, asbestos and radon.
  4. Each development owner must agree to provide complete annual operating data and federal income tax returns to NIFA on a timely basis.
  5. Firm commitments for all sources of funding (including construction and permanent sources and subsidies, if applicable).  HOME funds and USDA-RD commitments will be due at the time of the Carryover Allocation submission.
  6. A Fair Housing Certification in the form set forth in Exhibit A signed by the development's Architect evidencing that, when constructed in accordance with the plans and specifications, the development will be in compliance with the design and construction requirements set forth in the Fair Housing Act and Americans with Disabilities Act.  
  7. Development status reports, in form and frequency as specified by NIFA, outlining the development's progress toward completion of the development or satisfaction of all requirements necessary to receive a Carryover Allocation Agreement or a final allocation of LIHTCs and AHTCs.  The Quarterly Progress Report set forthin Exhibit B shall be used to submit such reports to NIFA by the 5th day following the end of each calendar quarter.  Information requested by NIFA, may include such items as zoning approvals, construction progress reports, site control documentation and cost analysis updates.
  8. If the owner of the  proposed development intends to claim Historic Rehabilitation Tax Credits, NIFA will require evidence from the State Historic Preservation Office (SHPO) of the United States Department of the Interior National Park Service Part I approval of the historic rehabilitation of the development, if not previously submitted with the LIHTC Application. 
  9. Exhibit 111.
  10. Each development owner must certify that the development will be in compliance with the Violence Against Women's Act, to include ensuring prospective applicants and tenants are provided with the Notice of Occupancy Rights Under the Violence Against Women Act.
  11. Any other documentation required by NIFA.

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.