real property that is expected to be part of the Project. For Tribal Projects, this would include fully executed master and sub-lease agreements with evidence of filing with the Bureau of Indian Affairs. All Tax Credit fees must be paid to date. In addition, the Project architect must certify that the plans and specifications meet MFA Project’s Mandatory Design Standards for Multifamily Rental Housing and contain all commitments made in the initial application regarding design and building. Rehabilitation and Adaptive Reuse Projects. In addition, rehabilitation Projects must provide with the Carryover Application an appraisal and a Capital Needs Assessment of the existing Project. March 1 of the year following Carryover If applicable, the MFA 542(c) Risk Sharing commitment is to be fully executed. June 30 (see footnote 5) of the year following Carryover The Applicant must submit complete Project plans, specifications, and construction documents for MFA review for compliance with MFA Mandatory Design Standards for Multifamily Rental Housing. August 31 (see footnote 5) of the year following Carryover The Applicant must submit evidence that the basis in the Project exceeds 10 percent of the reasonably expected total basis in the Project, an Independent Auditor’s Report and Cost Certification, and a Project and any Owner’s attorney’s opinion other documentation required by MFA Percent (“10 Test”). The Applicant must deliver evidence acceptable to MFA that construction of the Project has begun. This will include, at a minimum, building permits and site photographs. The Applicant must deliver an executed partnership agreement. If Federal Historic Tax Credits are included in the financing structure of the Project, evidence of National Park Service approval of the Historic Certification Project’s – Part 2 must be submitted. November 15th (see Glossary and footnote 5) of the Second Year following the initial allocation Final Allocation and Placed in Service Requirements. On or before November 15th of the second year following the initial allocation, a Placed in Service Application or a Final Allocation Application must be submitted for each Project. Failure to meet this requirement will result in the loss of Tax Credits. If the Project is to be Placed in Service but the Applicant is not yet ready to request Low Income Housing Tax Credit Allocation Certification (IRS Form 8609), the Placed in Service portion of the Final
real property that is expected to be part of the Project. For Tribal Projects, this would include fully executed master and sub-lease agreements with evidence of filing with the Bureau of Indian Affairs. All Tax Credit fees must be paid to date. In addition, the Project architect must certify that the Project’s plans and specifications meet MFA Mandatory Design Standards for Multifamily Rental Housing and contain all commitments made in the initial application regarding design and building. Rehabilitation and Adaptive Reuse Projects. In addition, rehabilitation Projects must provide with the Carryover Application an appraisal and a Capital Needs Assessment of the existing Project. March 1 of the year following Carryover If applicable, the MFA 542(c) Risk Sharing commitment is to be fully executed. June 30 (see footnote 5) of the year following Carryover The Applicant must submit complete Project plans, specifications, and construction documents for MFA review for compliance with MFA Mandatory Design Standards for Multifamily Rental Housing. August 31 (see footnote 5) of the year following Carryover The Applicant must submit evidence that the basis in the Project exceeds 10 percent of the reasonably expected total basis in the Project, an Independent Auditor’s Report and Cost Certification, and a Project Owner’s attorney’s opinion and any other documentation required by MFA (“10 Percent Test”). The Applicant must deliver evidence acceptable to MFA that construction of the Project has begun. This will include, at a minimum, building permits and site photographs. The Applicant must deliver an executed partnership agreement. If Federal Historic Tax Credits are included in the financing structure of the Project, evidence of National Park Service approval of the Project’s Historic Certification – Part 2 must be submitted. November 15th (see Glossary and footnote 5) of the Second Year following the initial allocation Final Allocation and Placed in Service Requirements. On or before November 15th of the second year following the initial allocation, a Placed in Service Application or a Final Allocation Application must be submitted for each Project. Failure to meet this requirement will result in the loss of Tax Credits. If the Project is to be Placed in Service but the Applicant is not yet ready to request Low Income Housing Tax Credit Allocation Certification (IRS Form 8609), the Placed in Service portion of the Final