Acceptance into CRANE can occur only after an applicant has consulted with NIFA staff to determine project eligibility. For example, in order to be eligible for consideration of a conditional reservation of LIHTC, NIFA staff and the applicant must work together to address issues, concerns, and/or additional requirements.
Acceptance into the CRANE program does not guarantee a reservation of NIFA resources. The project must meet all threshold items specific to the funding requested, as well as those additional requirements of the CRANE program (which additional requirements will be determined by NIFA in its sole discretion based on an individualized in-depth analysis of each project). Once assigned a Category 1 designation (as set forth below), a project in the CRANE process is eligible to be considered by NIFA for an allocation of resources.
Applications will be requested and categorized as:
Category 1 - Ready, in all aspects to proceed (Under contract)
Category 2 - In formation
Category 3 - Feasible
Category 4 - Conceptual
Firm reservations of resources will be awarded to proposals only in category 1. Each project will be individually evaluated by a team comprised of NIFA senior staff. The team's findings and recommendations will be set forth in writing and made part of the public record. Objectives and statements of public value for each project will be incorporated into the written public record. Such statements must be regularly updated in order for a project to retain its priority status.
Awards of resources shall be made by the "involved" resource allocators on a unanimous consent basis. A written statement of the criteria, participants and methodology of evaluation shall be made part of the public record. All allocations will conform to the rules and regulations of the specific resource programs.
A specific timeline and expected outcome for each project will be defined as part of the evaluation process. Failure to adhere to the timeline or satisfy the criteria set forth may result in a project's reclassification.