2019 LIHTC Mandatory Developer Training September 7, 2018
AGENDA TIME SPEAKER TOPIC 9:00 am – 11:30 am Dave Vaske Introduction and Qualified Allocation Plan (“QAP”) Karen Kulisky Review John Kerss 10:30 am – 10:45 am Break 12:00 pm – 1:00 pm LUNCH Box lunches are available to pick up from 12:00pm to 12:30pm 1:00 pm – 2:30 pm Stacy Cunningham Appendix A – Pre-Application Instructions On-line Application Overview 2:30 pm – 3:15 pm Nancy Peterson Appendix K – Exhibits Karen Kulisky including Common Errors John Kerss 3:15 pm – 3:30 pm Questions and Answers
2019 QUALIFIED ALLOCATION PLAN REVIEW
2019 QUALIFIED ALLOCATION PLAN (QAP) • Approved by the IFA Board on September 5, 2018 • Effective November 1, 2018 • Pre-Applications due on November 1, 2018 by 4:30 p.m. C.S.T. • Overview of Changes
2019 APPENDIX A & ON-LINE APPLICATION REVIEW
WEBSITE REVIEW www.iowafinanceauthority.gov • Funding Round Specific Notices Application Exhibits Appendices • Link provided in Exhibits Tab of On-line Application
APPENDIX A REVIEW On-line Application Instructions – 2019 Appendix A • Available on 2019 LIHTC webpage: 2019 On-line Application General Overview in Section A; Pre-Application and Threshold Application in Section B; Nonprofit and Supportive Housing for Families Set-Aside in Section C; Scoring in Section D; and Reminder
On-line Application Review A. Access and Roles ( On-line Application Training Guide Section A 1-3) 1) User Name • Do not share user names and passwords 2) Roles • Guest – Create with edit rights • Reviewer – No edit rights
3) Granting Access • The user name that creates an Application is responsible for granting and removing access to other authorized users. • View Tab, MYIFA Account, Authorized Users, Add New Authorized User Refer to the On-line Application Guide for detailed instructions .
On-line Application Review B. General Information ( On-line Application Training Guide Section C.2) 1) Copying • Prior year Applications cannot be copied. 2) Saving • Save each tab before exiting. An error message in red at the top of the screen may appear when saving a tab with missing information. This is to inform the user that required information is still needed. Information entered is still saved.
On-line Application Review General Information (continued) 3) Error Messages (On-line Application Training Guide Section A.4(b)) • Select Submit • Green check mark vs. Red
On-line Application Review HELPFUL HINTS • If submitting more than one Application with the same QDT members, create one application, name it, and then enter only the QDT members. Save. Copy the application and then re-name it to the other Project’s name; • Don’t stress over a red x on a tab until all information has been entered in each Application tab. There are multiple tabs that have coding tied to each other: Ownership Entity and Site Control and Qualified Development Team, Buildings and Project Description, Costs and Credit Calc. and Funding Sources are a few examples; • Utilize the On-line Application Training Guide and Q & A’s – check website often; • If already familiar with the On-line Application, be sure to review the On-line Application Training Guide, Section D. 2019 Overview of On-line Application Changes.
On-line Application Review HELPFUL HINTS (continued) • Have staff knowledgeable and involved in the project development enter the application; • Do not wait until the last minute; • Don’t assume. If something is unclear, ask for assistance prior to submission of the threshold Application; and • Complete a thorough review of the Application and uploaded exhibits prior to submission. This may help reduce the number of threshold deficiencies.
On-line Application Review C. Pre-Application and Application Review (On-line Application Training Guide Section E.) 1. 2019 9% Training Application – Pre-Application InWork • Project Name and Location Tab • Project Description Tab • Site Description Tab • Ownership Entity Tab • Qualified Development Team Tab – Developer(s) • Project Amenities Tab • Buildings Tab • Exhibits Tab Exhibits: 11T, 12T, 3B, 4B, 5B
On-line Application Review 2. 2019 9% Training Application – Threshold InWork a) Application Tab Review i. Overview – Market Study Report QAP Sections 3.3.1 – 3.3.1.4 ii. Construction Characteristics QAP Appendix 1-G Construction – related scoring elections iii. Project Amenities Scoring Mandatory Requirements
On-line Application Review iv. Buildings Units Accessibility building level & unit level v. Cost and Credit Calc. “Other” line items Construction Costs and Onsite Work & QAP Section 6.4.4 Identity of Interest fees entered in QDT tab must match the specific fee in Costs and Credit Calc.tab Boosts in Eligible Basis Credit Calculation
On-line Application Review iv. Exhibit Checklist Links Exhibit 7B vii. Financial Feasibility Underwriting Requirements Calculations viii. Scoring Preliminary Score ix. Submit Error Messages Payment of Fees Historical View
On-line Application Review b) Qualified Development Team (On-line Application Training Guide Section E.8) i. Mandatory Members Developer, GP/MM, architect, tax attorney, management company, energy consultant, tax accountant Enter Syndicator/Direct Investor as a team member Contract should be entered if Identity of Interest ii. Developer/Co-Developer, GP/MM, Development Consultant iii. Identity of Interest & Fees iv. Organizational Structure
On-line Application Review QUESTIONS?
2019 APPENDIX K – EXHIBIT REVIEW
WEBSITE - 2019 PROGRAM PAGE http://www.iowafinanceauthority.gov/Home/DocumentSubCategory/236
EXHIBITS IMPORTANT! Always use the current funding round exhibits . Do not use a prior year’s Application exhibit or an exhibit from a prior allocation round. • Exhibits are posted in the 2019 LIHTC Program on the website. • Links to the website are available in the Exhibits tab for IFA required exhibit forms.
APPENDIX K Appendix K - Exhibit and Scoring Checklist APPLICATION EXHIBIT SUPPLIED BY NARRATIVE DESCRIPTION WHEN REQUIRED REFERENCE T = Threshold B = Building All Proposed Projects; SA = Applicant Upload Nonprofit Lists the Projects Description Set Aside Location(s) applying for and/or and in the this Set Aside; Information On-line HSA = Application Application Supportive If Applicable; Housing Set etc … Aside S = Scoring
EXHIBITS 1T – Application Certification & Acknowledgement (IFA REQUIRED FORM) • Building Codes and Standards, Size and Cost of Land, and Olmstead Goals • Contractors • Authorization to Verify Creditworthiness • General Certifications and Acknowledgements • Scoring Acknowledgements - Ensure all required signatures are obtained for each signing entity.
Common Errors Exhibit 1T: Listing the incorrect entity name(s) Having individual(s) sign that are not listed as an authorized signer in the Application.
EXHIBITS 2T – Current Real Estate Tax Assessment • QAP Appendix 1-A.(2)(c) • Provide a copy of the most current real estate tax assessment(s).
EXHIBITS 3T Ownership Entity 3T(a) 3T(b) 3T(c) 3T(d) 3T(e) 3T(f) All Ownership LP, LLP, LLLP LP, LLP, LLLP LC, LLC LC, LLC Project Types IRS F.E.I.N. File-Stamped Current File-Stamped Current Organizational Letter Certificate of Limited Articles of Operating Structure Chart Limited Partnership Organization Agreement Partnership Agreement Must be in the Ensure Ensure the Ensure Ensure the Ensure entity Ownership document entity names document entity names and/or Entity Name provided is and percent of provided is and percent of individual file-stamped ownership in file-stamped ownership in names match the LPA the OA application matches the matches the Application Application and is fully and is fully Executed Executed
3Tf Organizational Chart Owner Entity ----------------------------- 3T’s Owner Entity Tab GP/MM .01 Investor ------------------------------------ 99.99 4T’s No uploads required Qualified Development Team Entity Sole Member ------------------------------------------- 4T’s if an Entity If individual no upload Qualified Development Team
EXHIBITS 4T Ownership Representative (General Partner/Managing Member ) 4T(a) 4T(b) 4T(c) 4T(d) 4T(e) 4T(f) 4T(g) LP, LLP, LLLP LP, LLP, LLLP LC, LLC LC, LLC Corporation Corporation Corporation File- Current File-Stamped Current File-Stamped By-laws Board Stamped Limited Articles of Operating Articles of Resolution Certificate of Partnership Organization Agreement Incorporation Limited Agreement Partnership Ensure Ensure the Ensure Ensure the Ensure Ensure Ensure Board document entity names document entity names document current Resolution is provided is and percent provided is and percent provided is completed file-stamped of ownership file-stamped of file-stamped prior to in the LPA ownership in Application matches the the OA submission Application matches the and is fully Application Executed and is fully Executed
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