No Letter of Determination, no 10 percent test citation: Utah's own post-award chain — Utah

The chain of dates, fee by fee

UHC's own 10% test — never named, but there in substance

The QAP's 10% Cost Certification requirement reads: "A 10% Cost Certification (see Exhibit 5D) that the project owner has incurred at least 10% of its reasonably expected cost basis in the project, must be submitted to UHC in a timely manner... The project owner 10% Cost Certification must be accompanied by a written certification from a qualified attorney or CPA certifying to UHC that the attorney or CPA has examined all eligible costs incurred with respect to the project and that, based on this examination, it is the attorney's or CPA's belief that the project owner has incurred more than 10% of its reasonably expected cost basis of the project. The Certification is due to UHC no later than 30 days after the one-year anniversary of the Carryover Allocation. Failure to provide the Cost Certification timely will result in a late fee of $500 and may jeopardize the validity of the Carryover."

This research searched the full 2027 QAP text for the phrase "10 percent test" and for a citation to IRC § 42(h)(1)(E) (the federal reasonably-expected-basis rule that governs Carryover Allocation validity) and found neither anywhere in the document. UHC's Cost Certification is plainly built to satisfy that federal requirement in substance — the "reasonably expected cost basis" language and the one-year-from-Carryover timing track the federal rule closely — but the QAP itself does not restate or cite the statute. Applicants should not assume Utah's mechanics diverge from the federal test just because the QAP is silent on the citation, but should also not assume they are identical in every particular without checking UHC's own Carryover Allocation Agreement form (Exhibit 5C), which is a separate document this research did not independently obtain.

What actually cancels an award

Unlike a QAP with one named rescission trigger, Utah's cancellation risks are scattered across several separate clauses. A performance bond is required for any project with an unapproved conditional use permit or subdivision: "a performance bond naming UHC as the obligee and in the amount of 10% of the annual Housing Credit amount reserved to the Project must be submitted to UHC within 120 days of the Housing Credit Reservation," and "All entitlements for the project must be obtained within one year of the Housing Credit Reservation. If not, the performance bond will be forfeited to UHC and the Housing Credit Reservation will be canceled."

A second, discretionary trigger applies to cost growth: "If project costs increase by more than 20% after receiving an allocation and before closing with the investor member, UHC reserves the right to unilaterally cancel the allocation." A third applies to general progress: Applicants "will be subject to cancellation of the Reservation if they are unable to provide evidence, satisfactory to UHC, of adequate progress toward the completion of the project," though "UHC, at its sole discretion, may allow additional time." A fourth is procedural and automatic rather than discretionary: "Failure to submit the Project Development Schedule on a timely basis will result in Developer being classified as Not in Good Standing" — which itself carries consequences for future Applications. And a fifth sits in the fee section itself: "If a 9% Housing Credit project fails to pay the required Reservation fees within 15 days of the issuance of the Reservation letter(s), the Award may be nullified."

There is no single document analogous to a "Letter of Determination" whose own stated deadlines function as the master rescission trigger — Utah's QAP does not use LOD terminology at all. Applicants should track all five triggers above independently rather than assuming one governing document covers them.

Bond/4% deals: a genuinely different post-award clock

Final Cost Certification and 8609 issuance: the deadline that actually ends the process

The Final Cost Certification deadline is stated in full: "Owners of new construction projects must submit a Final Cost Certification package within 6 months after the last building in a project receives its Certificate of Occupancy. Owners of rehabilitation projects must submit a Final Cost Certification package within 6 months after the last building in a project receives its Final Inspection Report from the local governing agency. Failure to meet this deadline will result in a late fee of $1,000." There is a fallback clock layered on top of that one for 9% deals specifically: "If the project owner cannot provide a complete Final Cost Certification packet on a 9% project by September 30 of a given year, the owner shall enter into a Carryover Allocation agreement with UHC by the close of the calendar year" — meaning a finished but not-yet-certified 9% project can be pulled back into the Carryover process even after construction is done.

Pricing risk survives past closing too: "Projects that have experienced an increase in Equity pricing of more than $0.02 between the time of Application and the time of closing with the Equity partner or the time of final cost certification may be subject to a reduction of the Housing Credit Allocation, pursuant to §42(m)." The QAP directs that "Discussions with the Vice President of Multifamily Finance should take place as soon as it is practicable" if that happens.

Once a complete Final Cost Certification package is in and the Allocation Fee — "the greater of $3,000 or 5 percent of the annual Housing Credit amount being requested" for projects with 10 or more units, including bond projects — is paid, UHC issues IRS Forms 8609 "within 90 days of having a complete Final Cost Certification packet," following a physical inspection timed to coincide with that review.