The Iowa Finance Authority’s (IFA) Housing Tax Credit team has developed a series of application tips. The LIHTC application has features to help identify errors and calculations:

  • A tab with an error or incomplete will have an X.
    • NEW: Select “What’s missing?” to be provided with a list of missing elements on the individual tab;
    • You may also select “Submit” to get a list of all errors for each tab; and
    • If “Submit” is selected and there’s no error for that tab, go back to the tab and save.
  • Each tab must have a green check mark to submit the Application.
  • The minimum development characteristics for each project and occupancy type are automatically selected and greyed ou
  • * Indicates a required entry.
  • Hovers are available on the Costs and Credit Calculator and Financial Feasibility tabs.
  • Hover over the amounts to view the calculation and/or source information.
  • Within the Costs and Credit Calculation tab:
    • Increase in Eligible Basis (Basis Boost); and
    • Reasonably Expected Basis and ten percent of Reasonably Expected Basis.
  • Within the Financial Feasibility tab the Tax Credit Cap shall be less than or equal to:
    • Total Developer Fees;
    • Total Builder and General Contractor Fees; and
    • Threshold under Construction Contingency.