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.
Notes
Iowa Admin. Code r. 223-48.26
Adopted by
IAB
April 15, 2015/Volume XXXVII, Number 21, effective
5/20/2015
