Iowa Admin. Code r. 223-48.26

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 223-48.26 - Small projects

Projects with anticipated final qualified rehabilitation expenditures of more than $750,000 will be evaluated as large projects. Projects with $750,000 or less in anticipated final rehabilitation expenditures will be evaluated as small projects. If an applicant anticipates that the final qualified rehabilitation expenditures will exceed $750,000, the applicant may only submit its application as a large project. The department will not permit a small project applicant to submit additional or amended applications that would cause the final qualified expenditures to exceed $750,000.

(1)Small project fund. The department shall allocate at least 5 percent of its annual fiscal year tax credit award limit to small projects.

(2)Aggregate award limit. For applicants that receive credits from the small project allocation, the cumulative total award for multiple applications for a single property shall not exceed $750,000 in qualified rehabilitation expenditures plus any allowable cost overruns as described in paragraph 48.32(1)"c, " regardless of the final qualified rehabilitation expenditures. The department will not accept an application by the same owner for a property for which credits were previously received through the small project fund if the application causes the cumulative total to exceed $750,000, plus any allowable cost overruns as described in paragraph 48.32(1)"c. "

(3)Application and agreement process. The Part 1, Part 2, and Part 3 application process and the agreement requirements are the same for small projects as for large projects. The registration process for small projects differs from that for large projects. See subrule 48.31(9) for more information on the registration process for small projects.

This rule is intended to implement Iowa Code section 404A.4 as amended by 2014 Iowa Acts, House File 2453.

Iowa Admin. Code r. 223-48.26

Adopted by IAB April 15, 2015/Volume XXXVII, Number 21, effective 5/20/2015