An official website of the Tennessee Secretary of State.
Core Data
RDA Number
11458
Effective Date
Record Series Abstract
Records include but not limited to: Application documents on low-income housing 9% and 4% tax credit projects and related documents.
Record Series Active
Yes
Cut Off at End of
Other
If Other, Explain
Termination or expiration of the Land Use Restrictive Covenant (LURC)
Total Retention Years
5
Total Retention Months
0
Retention End Action
Destroy
Disposition Notes
The retention period begins at the termination or expiration of the Land Use Restrictive Covenant (LURC). The LURC is a document that is recorded in the register’s office for the county the property sits in and it restricts the property so that it can only be used as a tax credit property until the termination or expiration of the document. During this period, the Owner has the ability to “re-syndicate” or receive a new allocation of tax credits, and we would need the initial application records to determine eligibility. All applications for each funding round of 9% tax credits and 4% tax credits with multi-family tax-exempt bonds are saved in THDA’s application system at the conclusion of each round. Records may be maintained in either paper or electronic format, as authorized by applicable law, as long as the electronic content has been verified for completeness, accuracy, and usability. The Certificate of Records Disposal and Records Disposal Review Form (“RDRF”) shall be fully completed, as applicable, and all other procedures followed as detailed in THDA’s Records Management Policy in connection with the disposal of any records in this Record Series.
Worksheet
Record Location
502 Deaderick Street, Andrew Jackson Building, 3rd floor
1741 Elm Hill Pike, Ste 101, Nashville, TN 37210. VRC
1741 Elm Hill Pike, Ste 101, Nashville, TN 37210. VRC
File Arrangement
According to TN# - File Number
Media Format Generated
Electronic
Paper
Media Format Generated Summary
Electronic: Text
Paper: Sheet
Media Format Stored
Electronic
Paper
Media Format Stored Summary
Electronic: Text
Paper: Sheet
Date Range
1989 to Current
Allotment Code
316.20
Annual Accumulation
2 cubic feet / 8 gigabyte
Current Volume
57 cubic feet / 47 gigabyte
Record Value
Administrative
Fiscal
Legal
Audit Requirements
Both
Information Shared Outside the State
Yes
Shared Agencies
US Dept. of Housing and Urban Development, US Dept. of the Treasury, and Internal Revenue Service
Essential Record
Yes - Original
Essential Record Stored
Paper / electronic stored at Andrew Jackson Building. THDA maintains its own separate LAN/WAN infrastructure onsite at our main office in the Andrew Jackson building. A Storage Area Network supports all THDA's electronic data, which is then replicated real-time to the agency’s offsite colocation facility.
Essential Record Media Type
Electronic
Confidential
Yes
Confidential Legal Citation
TCA 47-25-1701and 26 CFR 1.42
Does this Record Series Contain Sensitive Information?
Yes
Agency Retention
5 years
Records Center Retention Period
N/A
Retention Legal Citation
Needed for Re-syndications under 26 CFR 42
Electronic Records Plan Inventory
System Name
THOMAS
Hardware Description
THDA maintains its own separate LAN/WAN infrastructure onsite at our main office in the Andrew Jackson building. A Storage Area Network supports all THDA's electronic data, which is then replicated real-time offsite.
Software Description
THOMAS is an in-house built, proprietary system used to house all LIHTC electronic data.
System Location
THDA maintains its own separate LAN/WAN infrastructure onsite at our main office.
Backup Procedures
THDA's backup strategy utilizes enterprise-level software and high speed disk storage as well as data tapes which are used for offsite archival purposes. Most THDA production servers are backed up to an encrypted volume on weeknights using incremental/Full backup methods. Incremental jobs run Monday - Thursday and are rolled into a full backup on Friday night. The previous incremental backups become rollbacks. The rollbacks are retained on the volume for one year.
Disaster Recovery
THDA's Operations division employs a Certified Business Continuity Specialist who maintains and executes the agency's Business Continuity Plan, which has been established and in place since 2008.
Data Migration Description
Overseen and conducted by THDA according to the agency's Business Continuity Plan.
RDA Comments
Records Management Division (RMD)
03-25-2024
Recommend Cut Off be "The end of the Land Use Restrictive Covenant "LURC" with a 5 year retention. This will satisfy the various retentions.
Tennessee State Library and Archives
03-22-2024
No recommended changes.
Comptroller Audit Review
03-25-2024
We have reviewed RDA 11458 from an audit standpoint. We concur with the Records Management recommendations for the Cut Off and a five-year retention.
Agency Records Officer
04-02-2024
The agency agrees to the cut-off being the termination or expiration of the Land Use Restrictive Covenant (LURC), but we request that the retention period be 1 year. While the term of the LURC can vary, it will always be longer than 5 years. The LURC itself is not included in these records, but application records do have an impact on the LURC as described in the disposition notes. Thus, the records covered under this RDA will have been held for over 5 years by the time we are prepared to dispose of them. We understand that the state has established a minimum 5-year retention period but maintaining these records for longer than a 1-year period after the cut off would result in a liability issue for the agency. We must keep these records for only as long as we are required to meet business needs, especially since we have a duty to protect our customer’s confidential information found in these application records. Additionally, we would only need to hold onto these documents for a 1-year period after the expiration or termination of the LURC for any potential litigation related to it. Maintaining these documents for any longer than the 1-year retention period poses a significant risk for the agency. We would propose the following revisions for approval:
Cut-Off: The termination or expiration of the Land Use Restrictive Covenant (LURC).
Retention: 1 year
Disposition Notes: The retention period begins at the expiration or termination of the Land Use Restrictive Covenant (LURC), and records will be retained for a total of 1 year afterwards. The LURC is a document that is recorded in the register’s office for the county the property sits in and it restricts the property so that it can only be used as a tax credit property until the termination or expiration of the document. The termination or expiration of the LURC is usually 30 years, but the duration may be shorter or longer depending on multiple variables. These files must be retained for the duration of the Extended Use Period, which is contractually defined within the LURC. During this period, the Owner has the ability to “re-syndicate” or receive a new allocation of tax credits, and we would need the initial application records to determine eligibility. All applications for each funding round of 9% tax credits and 4% tax credits with multi-family tax-exempt bonds are saved in THDA’s application system at the conclusion of each round. Records may be maintained in either paper or electronic format, as authorized by applicable law, as long as the electronic content has been verified for completeness, accuracy, and usability. The Certificate of Records Disposal and Records Disposal Review Form (“RDRF”) shall be fully completed, as applicable, and all other procedures followed as detailed in THDA’s Records Management Policy in connection with the disposal of any records in this Record Series.
RMD Director
04-04-2024
RDA 11458 is a request to create an RDA. The proposed retention period is one year and then destroy (see agency comments). The format will be paper/electronic. The agency has agreed with the reviewers' recommendation to change the Cut Off to the "Termination or expiration of the Land Use Restrictive Covenant (LURC)". The proposed retention period of one year and then destroy does not meet the five years after Cut Off best practices established by the Comptroller's Office and Records Management Division. Recommend approval of the request to create RDA 11458 with the following changes:
Cut Off: Termination or expiration of the Land Use Restrictive Covenant (LURC)
Total Retention years: Five (5) years
Disposition Notes: update to match the new Cut Off and Retention Period.
Agency Retention: Five (5) years
Public Records Commission
04-24-2024
PRC Approves RDA 11458 with the following changes:
Cut Off, Other: Termination or expiration of the Land Use Restrictive Covenant (LURC)
Total Retention Years: 5
Disposition Notes: The retention period begins at the termination or expiration of the Land Use Restrictive Covenant (LURC). The LURC is a document that is recorded in the register’s office for the county the property sits in and it restricts the property so that it can only be used as a tax credit property until the termination or expiration of the document. During this period, the Owner has the ability to “re-syndicate” or receive a new allocation of tax credits, and we would need the initial application records to determine eligibility. All applications for each funding round of 9% tax credits and 4% tax credits with multi-family tax-exempt bonds are saved in THDA’s application system at the conclusion of each round. Records may be maintained in either paper or electronic format, as authorized by applicable law, as long as the electronic content has been verified for completeness, accuracy, and usability. The Certificate of Records Disposal and Records Disposal Review Form (“RDRF”) shall be fully completed, as applicable, and all other procedures followed as detailed in THDA’s Records Management Policy in connection with the disposal of any records in this Record Series.