Circular CDIP 2014-01
Related to: Tax Credit Program (CDIP)
Subject: Elimination of Five-Year Reporting Requirements
Contact: Amy Currie, Director of Tax Credit and Equity Programs
Issuance date: December 1, 2014
In an effort to simplify the reporting process for Investment Tax Credit grants, this CDFA Circular terminates any five-year reporting requirements from existing awardee contracts CDFA will close out these grants once all funds are expended, the project is complete, and a final report has been submitted and approved. Contracts for future awards will not contain five-year reporting requirements.
Certain tax credit awards were made with a five-year reporting requirement to track those projects’ outcomes after the projects were complete. The information in the majority of these reports was found to be duplicative of information found in final reports.
CDFA will not enforce the five-year reporting requirement to section 5 (or 4) in existing contracts. This language is typically marked “Tax Credit Annual Status Report” under “Reporting Requirements” and uses the following text:
5 (or4) REPORTING REQUIREMENTS:
Tax Credit Annual Status Report: For a period of five (5) years from the contract start date, the Grantee is required to report information to the CDFA that addresses the Project’s goals and outcomes, financial data; and any special conditions as proposed in the application, and as identified below. This report is to be submitted to CDFA on an annual basis, not more than thirty one (31) days after the period ending June 30. CDFA may not disburse tax credit funds being held for the Project until this report is received (The new status report may be used in the interim if requesting funds prior to annual due date). The report shall be submitted through the Status Reports component on CDFA’s Webgrants system by an authorized designee of the Grantee.
Once the project is complete, all CDIP funds are expended, and a final report has been submitted and approved, these grants can be closed out.
The five-year reporting requirement did not provide enough new information to justify the extended reporting period.
December 1, 2014
The Credit Committee will meet Tuesday
The Community Development Advisory Committee will meet Thursday