Iowa Admin. Code r. 261-49.8

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 261-49.8 - Small projects

If an applicant anticipates that the final qualified rehabilitation expenditures will exceed $750,000, the applicant shall not submit its application as a small project. The authority 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 authority 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 49.12(1)"c," regardless of the final qualified rehabilitation expenditures. The authority 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 49.12(1)"c."

(3)Small project Part 2B applications. Small project application forms may be obtained by visiting the authority's website. Small project Part 2B applications may be accepted on a continuous basis or may be accepted during one or more application periods. Small project Part 2B applications may be evaluated on a first-come, first-served basis, subject to the availability of tax credits.

Iowa Admin. Code r. 261-49.8

Adopted by IAB February 15, 2017/Volume XXXIX, Number 17, effective 3/22/2017

Amended by IAB December 14, 2022/Volume XLV, Number 12, effective 1/18/2023