Iowa Code § 15.353
Housing project requirements
Redline — January 1, 2017 → current.View current text →
Current — January 1, 2026
As of January 1, 2017
To receive workforce housing tax incentives pursuant to the program, a proposed housing project shall meet all of the following requirements:
To receive workforce housing tax incentives pursuant to the program, a proposed housing project shall meet all of the following requirements:
1. The project includes at least one of the following:
1. The project includes at least one of the following:
a. Four or more single-family dwelling units.
a. Four or more single-family dwelling units, except for a project located in a small city, then two or more single-family dwelling units.
b. One or more multiple dwelling unit buildings each containing three or more individual dwelling units.
b. One or more multiple dwelling unit buildings each containing three or more individual dwelling units.
c. Two or more dwelling units located in the upper story of an existing multi-use building.
c. Two or more dwelling units located in the upper story of an existing multi-use building.
2. The project consists of any of the following:
2. The project consists of any of the following:
a. Rehabilitation, repair, or redevelopment at a brownfield or grayfield site that results in new dwelling units.
a. Rehabilitation, repair, or redevelopment at a brownfield or grayfield site that results in new dwelling units.
b. The rehabilitation, repair, or redevelopment of dilapidated dwelling units.
b. The rehabilitation, repair, or redevelopment of dilapidated dwelling units.
c. The rehabilitation, repair, or redevelopment of dwelling units located in the upper story of an existing multi-use building.
c. The rehabilitation, repair, or redevelopment of dwelling units located in the upper story of an existing multi-use building.
d. (1) The new construction, rehabilitation, repair, or redevelopment of dwelling units in a distressed workforce housing community.
(2) The determination as to whether a community is considered a distressed workforce housing community shall be within the discretion of the authority after considering all of the following:
(a) Whether or not the community has a severe housing shortage relative to demand, low vacancy rates, or rising housing costs combined with low unemployment.
(b) The relative merits of all applications for designation as a distressed workforce housing community.
(c) The demand for projects applying under this paragraph “d” compared to the demand for projects applying under paragraphs “a” through “c”.
3. a. Except as provided in paragraph “b”, the average dwelling unit cost does not exceed two hundred thousand dollars per dwelling unit.
d. Construction of new dwelling units at a greenfield site.
e. For a housing project located in any county that has been declared a major disaster by the president of the United States on or after March 12, 2019, and that is also a county in which individuals are eligible for federal individual assistance, development at a greenfield site.
3. a. Except as provided in paragraph “b”, the average dwelling unit cost does not exceed the maximum amount established by the board for each fiscal year for the applicable project type and project location. The board shall establish the maximum average dwelling unit cost for a project that includes single-family dwelling units that is located in a small city and for a project that includes single-family dwelling units that is located in an urban area. The board shall establish the maximum average dwelling unit cost for a project that includes multiple dwelling unit buildings and is located in a small city and for a project that includes multiple dwelling unit buildings and is located in an urban area. In establishing each maximum average dwelling unit cost, the board shall primarily consider the most recent annual United States census bureau building permits survey and historical program data.
b. The average dwelling unit cost does not exceed two hundred fifty thousand dollars per dwelling unit if the project involves the rehabilitation, repair, redevelopment, or preservation of property described in section 404A.1, subsection 8, paragraph “a”.
b. If the project involves the rehabilitation, repair, redevelopment, or preservation of property described in section 404A.1, subsection 6, paragraph “a”, the average dwelling unit cost shall not exceed one hundred twenty-five percent of the maximum average dwelling unit cost established by the board for the applicable project type and project location as provided in paragraph “a”.
4. The dwelling units, when completed and made available for occupancy, meet the United States department of housing and urban development’s housing quality standards and all applicable local safety standards.
4. The dwelling units, when completed and made available for occupancy, meet the United States department of housing and urban development’s housing quality standards and all applicable local safety standards.
Section takes effect May 30, 2014; applies retroactively to January 1, 2014, for tax years beginning on or after that date; and applies to qualifying new investment costs incurred on or after May 30, 2014;
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Subsection 2, paragraph d, subparagraph (2), subparagraph division (c) amended
2022 repeal of subsection 2, former paragraph e, and 2022 amendment to subsection 3 apply retroactively to July 1, 2021, to all eligible housing businesses the authority has not notified of the amount the business may claim as a refund of sales and use tax under section 15.355, subsection 2, and to all eligible housing businesses the authority has not issued a tax credit certificate stating the amount of workforce housing investment tax credits that the business may claim under section 15.355, subsection 3;
Section not amended; internal reference change applied
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.