Iowa Admin. Code r. 265-30.3 - [Rescinded effective 4/23/2025] Eligibility for allocation
(1) In
the case of a project involving a private business use (as defined in Section
141(b)(6) of the Internal
Revenue Code), to be eligible for an allotment, the applicant must certify that
the entity using the property either:
a.
Suffered a loss in a trade or business attributable to the disasters;
or
b. Is a person replacing a trade
or business with respect to which another person suffered such a
loss.
(2) In the case of
a project relating to public utility property (as defined in Section
168(i)(10) of the Internal
Revenue Code), to be eligible for an allotment, the applicant must certify that
the project involves repair or reconstruction of public utility property
damaged by the disasters.
(3) For a
project to be eligible for an allotment as a qualified mortgage issue, the
applicant must certify that 95 percent or more of the net proceeds (as defined
in Section 150(a)(3) of the Internal
Revenue Code) of the issue are to be used to provide financing for mortgagors
who suffered damages to their principal residences attributable to the
disasters.
Notes
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(1) In the case of a project involving a private business use (as defined in Section 141(b)(6) of the Internal Revenue Code), to be eligible for an allotment, the applicant must certify that the entity using the property either:
a. Suffered a loss in a trade or business attributable to the disasters; or
b. Is a person replacing a trade or business with respect to which another person suffered such a loss.
(2) In the case of a project relating to public utility property (as defined in Section 168(i)(10) of the Internal Revenue Code), to be eligible for an allotment, the applicant must certify that the project involves repair or reconstruction of public utility property damaged by the disasters.
(3) For a project to be eligible for an allotment as a qualified mortgage issue, the applicant must certify that 95 percent or more of the net proceeds (as defined in Section 150(a)(3) of the Internal Revenue Code) of the issue are to be used to provide financing for mortgagors who suffered damages to their principal residences attributable to the disasters.