Iowa Code § 16.35
State housing credit ceiling allocation
Redline — January 1, 2015 → current.View current text →
Current — January 1, 2026
As of January 1, 2015
1. The authority is designated the housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling.
1. The authority is designated the housing credit agency for the allowance of low-income housing credits under the state housing credit ceiling.
2. The authority shall adopt rules and allocation procedures which will ensure the maximum use of available tax credits in order to encourage development of low-income housing in the state. The authority shall consider the following factors in the adoption and application of the allocation rules:
a. Timeliness of the application.
b. Location of the proposed housing project.
c. Relative need in the proposed area for low-income housing.
d. Availability of low-income housing in the proposed area.
e. Economic feasibility of the proposed project.
f. Ability of the applicant to proceed to completion of the project in the calendar year for which the credit is sought.
2. The authority shall adopt a qualified allocation plan that satisfies the requirements of section 42 of the Internal Revenue Code. The authority may revise the qualified allocation plan provided the revision satisfies the requirements of section 42 of the Internal Revenue Code. When adopting the qualified allocation plan, the authority shall specify the selection criteria, the application procedure, and the allocation of low-income housing credits under the state housing credit ceiling. The selection criteria described in the qualified allocation plan shall include all of the following:
Section takes effect January 1, 2015; 2014 Acts, ch 1080, §78
NEW section
a. The selection criteria described in section 42 of the Internal Revenue Code.
b. The statutory preferences described in section 42 of the Internal Revenue Code.
c. The economic feasibility of the proposed project.
d. The ability of the applicant to complete the project in a timely manner.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.