Tcac Agreement
The goal of the TCCA service team is to prepare the regulatory agreement and complete the initial review of an ordered application within 60 days of receipt. Unfortunately, more than 90% of the applications placed in the service often have several gaps or problems to clarify or fix. Reviews often take months to complete, most often due to significant changes made to a project after a credit reservation without TCCA notice and/or developer delays in responding and managing these points. Project owners and developers can help ensure the timely issuance of tax forms by putting the same effort into a 9% operational application as a 9% application and implementing internal or external quality controls. Once the regulatory agreement has been prepared and sent, the next step in the service review is to assign it to a TCCA employee. TCCA reviews the operational checklist as well as the following: credit calculation, cash flow limits, development fee limit, 14% construction profit and overhead limit, minimum construction standards, service or sustainability points received by CDLAC, the applicable fraction used by the owner when calculating the final loan amount, etc. The review of the SIP application is not assigned to a TCCA employee until the workload permits. This is to ensure that employees have sufficient time to review and respond to the owner`s correspondence for all persons assigned to service requests. TCCA is in the process of increasing staff for this function. Currently, two analysts are working on PIS application reviews: Elaine Johnson and Alex Ninh. Before staff are assigned, projects are in an unassigned queue in the order of the date of receipt. Projects are queued once the regulatory agreement has been sent to the owner. The first review by the staff takes no more than a few days.
The review time generally depends on the complexity of the project, the completeness of the SIP application, its compliance with TCCA program requirements, and the timeliness of the project owner to address issues. The first step is to verify that the PIS application is essentially complete and correct. This includes verifying the overall accuracy and consistency of Form B; ownership documents; Certificate of Cost Compliance, Form B, Excel Application, Investor Certification; land costs; and other articles. This includes a review of the documentation used to prepare the regulatory agreement. If an application has significant deficiencies, it may be returned to the project owner or proponent and removed from the TCCA list of SIP applications received. Once TCCA staff have determined that a commissioned application is sufficiently complete, accurate and meets the requirements of the TCCA program, the next step is to prepare the regulatory agreement. TCCA staff typically prepare regulatory agreements for PIS applications within 2 weeks of the completion of the above step. If there are any inconsistencies or missing documents required for the regulatory agreement, TCCA will contact the project owner during this process to resolve issues with those specific documents.
Home ->> CTCAC -Requirements >> ->> in the Service Package and Form 8609 Application Made ->> Commissioning Process The following sections describe the service requirements and explain the TCCA review process. Given the current volume, it is difficult to provide an estimate of when the review of a single project will be completed, but please do not hesitate to contact TCCA staff for status updates or other questions if TCCA has had the PIS application for at least three months. Questions should be directed to our development program managers for the commissioning process, Marisol Parks and Diane SooHoo. Within one year of the completion of the construction or remediation of a project, the owner must submit an APPLICATION for an SIP to TCCA for review. This deadline applies to all projects awarded by TCCA. Short extensions may be granted on a case-by-case basis if they request them in advance. Without extension, the owner may be subject to negative points. TCCA conducts service audits (the steps described below) in the order in which applications are received. Once the employee`s exam is complete, a manager or senior employee conducts a second-level exam.
This usually happens within a week, but can take 2 to 3 weeks depending on the number of PIS applications reviewed. Following staff approval of the review, TCCA issues Form 8609 and, if applicable, Form 3521A for government loans. An electronic copy will be sent and the original will be sent by mail....