Rule 122:29-1-06 | Reporting.
(A) Start of construction report. Within twelve months of the date a project is certified by the director, 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) The amount of eligible expenditures that have been incurred for the project;
(3) Documentation sufficient to demonstrate that physical construction of the project has begun. Physical construction consists of post certification site work, demolition, remediation, renovation of existing buildings, or erection of new buildings. Demolition or remediation activities done prior to certification of the project by the director and environmental assessment activities do not qualify as start of physical construction; and
(4) 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.
After the completion of the project, the applicant is to certify to the director that the project is complete as originally certified by the director or as modified by an approved amendment in a completion report in a format acceptable to the director. No tax credits may be issured until the entire project, as certified or approved in an amendment, is completed.The completion report will include the following:
(1) A report completed by a third party certified public accountant detailing the actual development costs and eligible expenditures attributable to the project in a form and manner determined by the director;
(2) Certificates of occupancy for all buildings included in the project. Temporary, partial, or conditional certificates of occupancy are not sufficient;
(3) Photographs and other digital assets documenting the completed project;
(4) A summary of the completed scope of work, including (a) the number of end uses; (b) the types of end uses; (c) the total square footage of vertical improvements of the project; (d) the total number of buildings or structures in the completed project; (e) the number of floors of the tallest building or structure of the project; and (f) the gross square footage of the largest building of the project; and
(5) Any other items as may be requested by the director.
Development may request a site visit to verify information included in the completion report. Refusal or delay of a site visit request may result in delay of verification of completion and issuance of a tax credit certificate.
(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 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, or the tax commissioner, as well as other appropriate state agencies. In the event it is determined by the director 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 May 26, 2026 at 7:51 AM
Supplemental Information