Project’s progress including the items proposed in the Outcome Measures narrative section of
the application. This report is to be submitted to CDFA on an annual basis, no later than July
31 of each year. CDFA may not disburse tax credit funds being held for the Project until this
report is received. The report shall be submitted through the Status Reports component on
CDFA’s Grant Management System.
Performance Outcomes:
Grantee shall provide the following as they pertain to this Project:
6.1.1 Total number of unduplicated persons served.
6.1.2 Total number of low income person served.
6.1.3 Total number of new jobs created.
6.1.4 Total number of square feet of commercial, community facility or
recreational space developed or improved.
Financial Data:
5 The Grantee shall submit its organization’s most recent Annual Report.
6 The Grantee shall submit is most recent organization’s Audited Financial
Statements prepared in accordance with Generally Accepted Accounting
Principles (GAAP).
6.1
6.1
6.2 Final Report and Closeout: Within thirty days of Project completion, the Grantee
shall submit a Final Report in the same format as the Tax Credit Annual Status Report. This
report will include cumulative outcomes and shall be submitted through CDFA’s Grant
Management System. Grantee and CDFA shall enter into and execute a Closeout Agreement
once the project is complete and the final report has been submitted and approved.
7. Disbursement of Grant Funds
7.1 Disbursement Conditions: The Grant shall be disbursed to the Project, for the sole
purpose of providing funds to the Project. CDFA reserves the right to amend, revoke, or
reallocate its tax credit commitment to the Project if any of the conditions indicated in this
Contract are not met. All disbursement requests shall be uploaded through CDFA’s Grant
Management System, and shall include any supporting documentation with each request,
satisfactory to CDFA.
Ail tax credits must be secured by the Grantee prior to release of any funds, unless an
exception is approved by CDFA. For programs funded over two state fiscal years, first-year
proceeds may be considered for release once all Tax Credit pledges have been received by
CDFA for that year. For programs funded in only one state fiscal year and the second year of
two-year grants, CDFA will consider requests for early disbursement only when 50% of the Tax
Credits for that grant year have been received. Any Grant funds that were received by
Grantee and not spent on approved Grant activities shall be returned to CDFA.
7.2 Disbursement Restrictions: No disbursement from CDFA will be made to the Grantee
greater than the amount of funding held on behalf of the Project in cash contributions,
fulfilled pledges, or established values, net the standard 20% CDFA fee. Furthermore, no
disbursement shall be made unless the Grantee is in compliance with Paragraphs 3, 4 and 5.
