Rule 122:29-1-06 | Reporting.
(A) Start of construction report. Within twelve months of the date a project is certified by the authority, the property owner will provide the director with a start of construction report that includes the following:
(1) An updated schedule for the progression and completion of the project;
(2) Documentation sufficient to demonstrate that construction of the project has begun;
(3) Any additional information requested by the director.
(B) Construction progress report. Annually, after the start of construction report in paragraph (A) of this rule, until the project is completed or as may be requested by the director, the property owner will provide the director a construction progress report detailing the status of the project, including percentage of the project completed, costs remaining, schedule updates, and any other information requested by the director.
(C) Completion report.
Within ninety calendar days after the completion of the project, the applicant is to certify to the authority that each portion of the project is complete substantially as set forth in the application in a completion report in a format acceptable to the authority. The completion report will include the following:
(1) A report from a third party certified public accountant detailing the actual development costs attributable to the project in a form and manner determined by the director; and
(2) Any other items as may be requested by the director or the authority.
(D) In connection with the tax credits and reports under this rule, including the CPA report, the applicant will establish and maintain records for a period beginning from the project approval and certification through the date that is four years from the later of recission of eligibility, the project completion date, or the issuance of the last tax credit certificate. Such records include, but are not limited to, records documenting the information and data contained in the application, project expenditures and all reports submitted in support of the project. The applicant is to make such records available for review and verification by the director, authority, tax commissioner, local tax administrator or director of insurance or appropriate staff of the director, the authority, the tax commissioner, the local tax administrator or director of insurance, as well as other appropriate state agencies. In the event it is determined by the director or the authority that an applicant has submitted reports or other information containing erroneous information or data not supported by records established and maintained under this rule, the director may, after providing notice, require the applicant to submit revised and accurate reports.
Last updated July 6, 2021 at 1:29 PM
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